Marketing Analysis : The 4 P 's Concept Of Product, Price, Place, And Promotion
The traditional marketing approach that was created in the 1950 's, also called the 4 P 's approach has as its main purpose - the successful creation of the specific product. (Mind Tools Editorial Team, 2016)
The 4 P 's translate into Product, Price, Place and Promotion.
Product - The first component of this certain marketing strategy follows a tangible good or an intangible service that meets a specific customers needs or demands. It is crucial for marketers to understand and plan for the different stages of product creation or service providing, in order to be prepared for any uncommon challenges. It is essential to understand the problems that the product or the service are attempting to solve. The benefits and rewards offered by the product or service need to be studied, so that the potential buyers or customers can be easily identified.
Price - Covers the actual amount the consumer is expected to pay for a product or service. How a product is priced will directly affect how it sells. This happens when the customer looks at your product and perceives its value visually rather than objectively understanding its cost. It the product is priced higher or lower than its perceived value, then it will not sell. This is why it is so vital to understand that the way a customer sees is the way you are going to sell your product or service. If there is a positive…