The Four Ps of Marketing Every Businessman Should Know

Marketing is one of the most important pillars of every business. It will either fall right away or after some time when you remove this pillar. Every businessman, no matter what his field, must learn at least the basics of marketing and keep himself up to date with the trends to run a successful business. 

For example, it’s great to use a text messaging service for business these days as it offers a great ROI when done properly. This article discussed the four Ps of marketing around which the while field revolves. 

Product

The product doesn’t necessarily mean a tangible item. It could also be a service or experience. You need to learn everything there is to know about your product so you would know who to sell and how to sell. One important thing you should keep in mind is how your product is different. 

There are already many companies offering the same thing and have more experience than you. 

What is it that you offer and they can’t? 

You identify your unique selling point and the pain points of your target audience after studying the product. 

Price

The price can’t be just the production cost and a little profit margin. The price of your product is what the customer perceives its value. Apple sells expensive mobile phones with the same specs you would easily find in any mobile phone. However, its perceived value is high, and so it’s a trillion-dollar company. 

Place

This ‘P’ focuses on where in the market your product would be placed to sell it. It includes identifying the target audience and platform best suited to sell it. 

Promotion

While many confuse it with marketing, promotion is just a part of marketing. It focuses on selling the product by advertising and increasing awareness using different methods and channels.