Four P’s of Marketing is ” Please, Please, Please and Please “.
We studied in our marketing class that 4ps are very important in Marketing. As these are Product, place , price and promotion.
These are step by step P’s, I mean these P’s have some order Like product come first , then place, then price and in last promotion.
Let’s see how, before starting a business , we choose some products in which we’ll deal. Like I am going to start a IT gadget store. So, first i should make a list of products which i am going to sell at my store. After completion of this phase, then i will move towards second step. Selection of location which is the most important factor for your business. Some people said, after globalization and invention of internet; it doesn’t play vital role for the success of your job. I totally disagree with this opinion.
For Merchandise business, location play a key role. Yes, it might be possible in case of Software House or Call Center where location doesn’t matter. But how much effect your business, if you’ll open a shop far away from the city where no walk-in-customer.
Similarly if i took a local example of my own city Islamabad, Pakistan. If some one open a shop at Jinnah super, there target market is totally different and if he/she open a same shop at Murree Road, Rawalpindi there target people consists of middle and lower middle class while in Jinnah super you interact with elite class. So , location has it’s own importance. No one can neglect with it
Hmmmmmm, After choosing the location, move towards third step Price. What would be the price of your product. I gave you the example of two places. Both are at the heart of the cities but still there targeted customers are different. One side, people are time conscious while on other side, people are totally money conscious. They can spend a lot of time on bargaining.
So, As i told you, these 4 P’s are inter-related. Product is related with Place, Place is related with Price. Similarly, these are step by step four P’s rather than you select a place first , then you’ll select products… which may harm your business.
After completion of first three phases, then you should make a promotion strategy. But you should first analyze which type of marketing is suitable for your business. Internet marketing has a advantage of deep targeting. So you can go for it.
But when i got a practical experience of marketing in my sales job. I came to know that actual four Ps are Please, Please , Please and Please.
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