The Four P's of Marketing

Starting right at the beggining of any marketing analysis we hear of the term THE FOUR P's.
We prepare a marketing plan by using the 4 P's of marketing.

The 4 P's are: Product, Price, Place, and Promotion.

Depending on different target markets, we will need different promotional strategies for reaching its market. Each of these target markets are price sensitive in their own right ( this is a very subjective process)

The first of the 4 P's I would like to discuss is Product. Wikipedia defines product as, "..anything that can be offered to a market that might satisfy a want or need. However it is much more than just a physical object. It is the complete bundle of benefits or satisfactions that buyers perceive they will obtain if they purchase the product..." (Product (business), 2005)

The four P's may describe a need or want. Looking at a particular productdesign, quality, and features.

The second P, price, is a strategy based on the different target markets and plans for the future.

The third P I am going to discuss is place. According to SSM, "Place deals with the distribution channels by which your prospects will be able to buy and receive your products and services. Clearly without defining the niche prospects, it is impossible to set up the best distribution channels." (Winning Marketing Plans are Client-Centric, 2005. There is a saying, , Location, Location!!! This is an important part of any business and also plays a part in determining the product,price and promotion.

The last P I will discuss is promotion.Promotion looks at the type of customers that are being targeted.In todays times we see that consumers want products that are customized, special, full fill individual needs or ideals. Promotions are set up to interpret these needs