Every business is trying to satisfy the needs of a specific market. The need can vary across products. Marketing your business robustly is about how you position it to satisfy the market’s needs. There are mainly four fundamental pillars of marketing
1. Product: The right product to satisfy the needs of your target customer base
2. Price: The right product offered at the right price
3. Place: The right product at the right price available in the right place to be bought by customers
4. Promotion: Informing customers about the availability of product, price and place.
To attract the customer to your business, the right mix of these four Ps play a pivotal role. One should pay a very careful attention to it because the success …show more content…
Sometimes the objective of promotion is to inform people about our company and brand name. Other promotion activities might be aimed at the sale of a particular product. Promotion can take many forms. The most obvious is advertising -- billboards, purchasing time on radio or television, buying ads in the newspaper or magazines, etc. Sales promotions in the form of coupons, mail-in rebates, distributing free samples, or offering premiums (toys with McDonald’s Happy Meals) can be very effective in attracting attention to a product or store. Special in-store displays, set up either by the store or more commonly by the supplier of a particular product, are also helpful.
Understanding the “Place” aspect of marketing is a little more challenging, since it can have at least two different meanings. It includes the obvious “place” decision, “Where will our store be located?” But it also covers the channels of distribution selected for our product.
Even in retailing, several options are often available. Some sales might appear as telephone calls resulting from advertising, with products being shipped to the customer by UPS. Others might be instore sales. More and more retailers are using the Internet to augment their in-store sales. As a retailer grows, questions about the obvious “place” decision must be addressed again. Should we open an additional store at a new