What are the 4P’s of marketing?

Product – 

A product can be tangible or intangible, it something that you sell to your buyers. It consists of many attributes like benefits, features, uses, and functions that your customers buy to fulfil their needs and wants. A product can be good, an idea, or a service. when you are forming a marketing strategy for your service or product, you need to showcase its advantages and key features. As per the demand in the market, your product must be the right type. Marketers must do extensive market research and product research to study all the development phases and product life cycle. At a certain time, the product or service reaches a phase of sales decline, to overcome that the marketers find strategies to revamp their products. So, it important to create the best product mix if you want your business to make more sales. 

Price – 

Price is the amount a buyer pays in exchange for the product or the service. pricing affects the marketing plan, marketing strategy, sales, and profits, along with the demand for the service or product. When a company is at its birth stage and us new in the market, the audiences will not be willing to pay a lot of money for their products. Pricing is an important component of the marketing mix as it helps in creating a perception of the service or product in the eyes of the audience. Study the pricing of your competitors and then price your products accordingly. Products that are too cheap may be considered as inferior in front of your competition, while products too expensive may not be well accepted in the eyes of the buyers. 

Place – 

The place where you will make your product or service available and accessible to the buyers. Marketers need to study their target audience and market to decide which medium for distribution and position is best from their sales and business. Deciding the most appropriate placement and positioning of your product and service is a very important part of your marketing mix. 

Promotion – 

Helps in sales and recognition of the brand, and includes advertising, Public Relations, promotions, and many more. Ads are a great way to spread communication through tv newspapers, radio, and online channels. When it comes to promotions, the brands have shifted to online methods of promotions from the offline ones. Public Relations are unpaid which includes exhibitions, events, press releases, seminars, word of mouth, etc. Word of mouth is spread from happy customers =, helps in boosting profits, and is an informal mode of communication. Satisfied buyers will recommend your product and services to their friends and families even through online platforms. Marketing students studying in universities who are looking for online assignment help in Brisbane can get the best quality homework help from the best Brisbane assignment help providers and PhD level experts. They will help you complete your marketing assignments and homework will clarify all your doubts so that you submit it before the deadline with all correct answers.