Definition of the 4 P's of marketing
The 4 P's in marketing are: product, price, point of sale and promotion .
This set of elements was defined by the American professor E. Jerome McCarthy, who stated that the concept is capable of explaining the functioning of marketing in a comprehensive manner.
The 4 Ps in marketing are canada whatsapp number list known as the marketing mix, another concept widely used to refer to this set of variables.
Below we review each of the elements of the 4 Ps of marketing:
Product
The product is the first of the 4 P's of marketing. Any product must be the main element of a marketing campaign , it must be the focus of all our actions.
When we talk about products we are not only referring to the tangible, they can be services, ideas, values… anything that is placed on a market to satisfy or cover the needs of our target audience .
Before starting any marketing campaign, it is very important to ask yourself several questions related to the product, questions that will help you focus and direct your actions correctly.
These questions are: What am I going to sell? What needs does my product cover or satisfy? What are the characteristics of my product? What is its added value?
Price
We all know what price is (the amount of money that the target audience is going to pay to acquire the product or enjoy the service), but… how do we set the right price? This question is very important since various studies confirm that price is the first thing we look at, long before the features, etc.
To set the price, it is very important that you do a study, that you study the competition, that you calculate your benefits, and above all, that you know the value that your product or service has for consumers.