The four Ps of marketing are like the stepping stones between your business and your customers. They satisfy your customers and improve your sales.
The four Ps of marketing are, product,place,price and promotion. To reach your customers and increase your sales, you need to learn about and use all four Ps of marketing. All four are very crucial and must be strong. If one Ps are missing, it becomes risky to try to reach your market and this means that your business is in danger and may fail.
Now let us look at each P and how to use them.
Product means having the products or services that your customers want. Customers buy goods and services to satisfy their different needs and wants. As a business man, you need to find out what your customers need and then provide the products or services to satisfy those needs.
It is important to note that customers’ needs change from time to time. When this happens, you need to use market research to change you product in order to satisfy your customers.Do not sale the same products as your competitors but try to improve on the products you already make and sell. This will ensure that your products or services sell well.
In marketing price means:
*Setting a price low enough to attract customers to buy
*Making sure the price is high enough to give your business a profit
It is important to have more information before you can decide what price you want to charge your customers. This include the following perimeters:
1. Know your cost.
2. Know your competitors’ prices.
3. Know how much your customers are willing to pay.
4. Know how to make your prices more attractive to your customers, fore example offering small discounts with deadlines.
In general,the lower the prices than your competitors, the more you may attractive many customers. On the other side, if your prices are higher than your competitors, then your customers may buy from your competitors.
This is how you can reach your customers. Location or place is very important for retailers and service operators who need to be where their customers are.
Place also means different ways of getting your products or services closer to your customers. This is also known as distribution which is important to manufacturers and internet marketers. This can be divided into direct distribution,retail distribution and wholesale distribution. This is self explanatory, we can not go into details today.
Promotion means information and attracting the market to buy your products or services.
Therefore if you do promotion, you sell more and increase your profit by:
*Improving your skills as a pro marketer or sales person
This is the most crucial aspect of any business. Most of the budget goes into promotion. For customers to see your products or services, you need to promote, promote and promote.
Publicity is free promotion.Publishing a good story about your business in a local newspaper or on the radio gives you good publicity. A word of mouth is probably the most common way new customers find out about your business.
It is therefore imperative that as a sales person or marketer, you have to improve your selling or marketing skills. This can make a difference between success and failure. To do this you need to:
1. Know your customers and their needs
2. Know your products well and how to sell them
3. Know how to treat your customers well.