Tips on the four essential Ps of successful Marketing

The four essential Ps of successful marketing campaigns include product, place/placement, price and promotion. Briefs on the Ps are:

Product:

The Product is what your business is selling. An apple cart would have apples as its Product; a car dealership would have automobiles as its Product, a consulting company would have consulting services as its Product.

Place:

In marketing, place is also called placement. Its main function is making the product available to its target market. Functions like packaging, shipping, inventory management, where and how the product should be sold form part of place.

Price:

Being the only P that produces revenues for the seller, it is emphasized. Price determination entails a shift from considering costs to considering profits. A price for the product must be chosen that offsets expenses and engenders profits without being too high that customers will not be willing to pay.

Promotion:

This has a big task of popularizing the product. A very important job of Promotion is to convince the consumer that the product in question is the best one for the job- whatever the job may be. All forms of marketing communications join forces to achieve this task.