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Marketing Mix-The Importance of 4 P's
The term Marketing Mix was first coined by professor" NEIL.H.Borden."
The marketing mix refers to the set of actions or business decisions that a company takes on the recommendation of the marketer to launch its products.The success or failure of a product depends on these 4 P's and these P's help a marketer to make strategic decisions for the products to help them survive in the long run.
4 Ps of marketing?
If as an Entrepreneur if i am about to start a manufacturing company,i should know that which item i am going to manufacture,that item which i am going to manufacture is my "Product" and my product should be in accordance with the needs and demands of my end customers.
Then i have to fix its selling cost that must include all my expenses like overhead costs,transportation costs,warehousing costs,labour costs and all other costs involved in the production costs,then calculating the amount we set up its final cost that is paid by the end user and that's called "Price".
There after when the price has been setup,it is to be decided that where the product is going to be sold,in which area,region or a country...where i have to make my product available to my target customers.That area is our "Place."
There after comes Promotion....
Then i as an entrepreneur have to make my target customers know about my product....If i make a product and keep it in shelves without telling the customers its benefits and communicating the products usefulness to them,then my product is never gonna sell.
So i have to ensure that customers do know about my product,my products usefulness and the advantages of using it.
so to ensure that i have to advertise my product via different modes of advertisements and those advertisements are called " Promotions..."
See a better understanding and working of the 4 P's of marketing mix minimises the chances of failure of a company and improves the chances of its product's success in the ,market.,
Marketing Mix involves many crucial areas and ignoring them will surely prove fatal for a company.Hence it is said that "No company plans to fail , but failure comes when they fail to plan...".
The 4 P's of Marketing are as follows:-
- Product:Product can be defined as a physical and a tangible item whom a customer can touch and see.A product must deliver performance as per its specifications.When we go to market we see a lot of items that are from different companies...
we see Sunfeast biscuits,A comb,A chocolate,An iron,A trimmer,A torch.....from a car to an iron nail...all are respective products of their respective companies like we see Sunfeast biscuits,A comb,A chocolate,An iron,A trimmer,A torch.....from a car to an iron nail...all are respective products of their respective companies.
These all are products......
- Place: It denotes the point of sale i.e the point where the product is supposed to be sold.
- Price: The market value of the product. It is the final amount that is to be paid by the customer to get the desired product....
- Promotion:Making people aware about the product through various advertisements.../activities...
Hence,4P's work closely and are completely interdependent on each other.If your product is not good or expected one then even any of these 4 P's won't be able to make your product sell...!!!
