Understanding the 4 Ps of Marketing

Understanding the 4 Ps of Marketing

Marketing is essentially the process by which an organisation advertises its services and products so as to induce demand for them. Marketing is also the process by which a company attempts to create its unique selling proposition (USP), thus making it attractive to consumers. In business, marketing is often considered as the first line of marketing attack, and it is used to introduce new products, expand market share, or enhance the company’s reputation. Marketing is generally a set of communication strategies used to inform customers of new offerings, and new versions of existing products and services.

Marketing is an essential and unavoidable tool in order to achieve desirable short-term and long-term results for organisations. It has a key role to play in the success of any enterprise. But to understand the role of marketing in a company, it is essential to understand its fourPs – Price, Place, Process and Target. Let us discuss each of these factors separately:

The price is one of the most important factors to be considered in marketing activities because it directly affects the quality, as well as, the profitability of the selling activity. In essence, marketing research shows that the key to success lies in determining the most ideal price for the product. For example, if the selling activity involves distribution of promotional literature, price control is necessary. And to ensure that consumers get the right message about a particular product or service, it is also necessary to conduct market research.