4Ps of Marketing are basic framework that helps you to Position Your Product or Service within the market
The 4Ps of Marketing synchronises the product, the price, the place, and the promotion when a product or service is to be launched into the market. It was created by Neil Borden in the 1950s to illustrate the ways companies use advertising and marketing techniques to convert potential buyers into paying customers.
The four Ps stand for:
Product refers to the good/s and service/s you offer. What needs does this product satisfy? What pain points or frustrations does it address? What is your value proposition? What makes it compelling to customers? What are the key features? How does this product affect your brand?
Price is the monetary sum customers are willing to pay for a product or service and it takes into account the cost of production. What is the value of the product or service to customers? Are there established price points for this product or service in the market? How will this price compare with competitors? Do you provide financing options?
Promotion is how you will get the word out about your product or service to your target customers. It includes advertising, public relations, and promotional strategies.
Place refers to how and where your customers will be able to see your product or service. It also considers how you will deliver the product or service to them. Will it be in a physical store or online? What will be the distribution channels?
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