Marketing is the way of getting customers’ interest in your products and services. The organization must maintain a perfect relationship with them. Communication with past and potential customers is also an essential part by writing thank you emails and offering some advantages with products. Marketing solution companies also provide marketing guidelines to those companies who need to grow their organization’s products by marketing. By speaking this, Smart Circle is also a marketing solution group that offers face-to-face marketing solutions by creating business opportunities.
The 4 Ps of marketing:
The Four Ps entirely make up the essential mix an organization needs to market a product or service.
Product
It refers to an item or product plan to offer to the consumers. The product needs to fulfill the customer demand in higher amounts. Before starting to sell, marketers need to identify how the product stands out from the competitors and what product is being sold well in the market. Additionally, find whether there is any substitute for this product available in the market or need to pair with any secondary products. The popular marketing solution group Smart Circle also provides you with these identifications about the present market level when consulting them. Products refer to both goods and services. It also fulfills the absence in the market.
Price
It is the form of value a customer must pay to acquire the products. It is the ratio indicating the quantity of money for goods and services. When fixing the product price, the organization must identify the cost price, distribution expenses, and marketing costs. Considering the price of competing products in the marketplace is also an essential factor. The reason is to check whether the proposed price of products is sufficient or needs an alternative to the customers.
Place
The place is the distribution of the products and the range of market coverage. It is the process of marketing and carrying products to the consumers. There are many considerations while finding a place to sell the products. For example, how to sell the product, whether in a physical storefront or online or through both?
Promotion
It is the fourth P of marketing. Promotion is the method to encourage short-term purchases, promote the quality of the products. It includes activities such as advertising, public relations, sales promotions, direct marketing, etc. Depending on the product stage in the market, promotions may vary. Marketers should understand the product price, quality, and whether it is suitable for the budget from the consumer point of view. For example, promotion by offering coupons, premiums, and special packaging is also a better way.