Product, Price, Place and Promotion is the short form of the most important 4ps of business. Since, it is a mixture of 4ps, that is why it is also called marketing mix. The whole business mainly runs on these four pillars and these four things define the success of any business. It tells us how far a business will go or how will his future be?
The concept of 4ps was first explained by Harvard University Professor James Culliton.
These four 4ps are related to each other as because if there is a product then it will also have some price and it will also be sold at some place and promotion is also necessary to make consumers aware of the product. So let's understand these 4ps in better way.
Product
The first P of marketing mix means product. Any such thing that fulfills the need of the customer is called a product and it can be marketed. It is very important to understand this because the foundation of every business is the product, so any business should first pay attention to its product because if a company makes a product that no one needs, then in that case the company can't sell it at anywhere at any price no matter how much you promote it. So, while making a product, the company should take special care of things like the product provides value, it is needed in the market and if the company have just started the business then the product should be new or modified so that the firm can beat the competitors. In simple terms, the quality of the product should be good and unique.
Price
Second P means price. The price is such a thing in any business that generates revenue and is also indicate the success of the business. It can also be easily changed in a very short time. The business should decide the price of any product very carefully so that it can be a value for money for the customers. If the quality of a product is good but its price is high that no one will be able to afford. On the other hand, if the price of the product is too low, then the company will suffer, that is why the price of the product should be decided in such way that no one gets harmed from it.
Place
The third P means place to place. Place refers to the distribution network, that means where the product is available. If product is not available to the target customers, then it will affect the sale of that particular product. That's why the place is very important, so if any company wants to bloom in their businesses, it should be kept in mind that how the product will reach the customers.
Promotion
Fourth p means promotion. Promotion is a method by which the customer gets information about the product. After creating the product, it is very important to promote it. Suppose the company have made a product whose price is very good and it is easily available in the market, but no one knows anything about that product, then no one will buy. There are many avenues to do promotion, mainly TV advertisement, radio advertisement, digital marketing, etc.
Conclusion
So, we can say that these four are very basic but very important things for businesses. If anybody willing to commence a business then he/she must have good knowledge of these 4ps. If these four basic things of any business are strong then the success will definitely bloom in future.
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