Know the Four Ps of the Marketing Mix

You may be asked to write a marketing mix assignment often during the academics. The four Ps of the marketing mix are the essential part of the marketing. Writing a coursework on the same could prove much helpful for you in learning four Ps of the marketing mix.

So, here we will try to give you an idea of the four Ps of the marketing mix.

Product

The first P of marketing we will discuss here is the product. You can easily understand that the product word could refer to a tangible good or intangible service that consumers could use to fulfill their needs.

While considering the product in the marketing mix, you try to get the exact idea of the products or services you are offering. You also give a thought to the unique features it has that could help in selling the product.

Price

It is highly doubtful that any organization could set the price of their product or services before knowing their product. So, now comes pricing. Profit margins, supply, demand and marketing strategy could be impacted by how you determine the price.

You need to make sure to position the similar products differently keeping the varying price points in mind. The next two Ps of the marketing could be influenced by the price elasticity considerations.

Promotion

Promotion plays a key role in the success of the product in the modern times. Here, a marketing agency handles the job of promoting a company's product in front of the people. They inform the people about the features of the product and try to set a different image in front of the people from the other but same type of products.

The most common resources for the promotion are; advertising, social media marketing, TV and radio marketing and public relations, etc.

Place

Introducing the right product, at the right price, at the right place and at the right time is crucial. It is also a must for the company to find out which could be the ideal location to convert the potential clients into the actual ones.