The 4 Ps of marketing
The 4 Ps of marketing is four elements- Product, Price, Promotion, Place in the marketing mix. Marketing is all about putting the right product, at the right price, and promote it in the right place.
The product is the 1st P of the 4 Ps. It can be a tangible good or an intangible service. To market a product successfully find the USP (Unique Selling Proposition) of your product. For instance, what makes your product unique from your competitors.
The next P is Price. Once you define your product, make pricing decisions. Price wisely because it impacts your profit in business. Price also influences the next two Ps of the marketing mix.
You have a product, you added price tag to your product, the next step is the promotion of your product. Promotion is like communicating with your audiences to let them know about your products or services. Promotion includes advertising, sending emails, social media publishing, and more.
The last P in the marketing mix is Place. Place your product to your right audience. Identify your target audience and place your product to them.