4 Ps of Marketing easy explanation

4 Ps of Marketing explained with an example

Marketing is very important in every business whether it can be a small or big company. 

The company needs marketing in order to successfully run the business.

The 4 Ps of marketing is an essential topic one must learn.

So what are the 4 Ps in Marketing

Product: It could be anything like physical goods or software. 

Price: Pricing the product is essential because this brings a big profit to your company.

Place: A place where your potential customer will come. It can be a physical place like Mall or a virtual place like social media or e-mail.

Promotion: How your customer will find you. You can place a billboard in a mall to increase the walk-in or you can do an SFV(Short Form Video) on social media to grab your potential customer attention. 

Hope you understood what is in 4 Ps of marketing.

Sound simple right! 

Executing the 4 Ps in marketing is challenging. 

Let me explain with an example.

We are going to help Andrew to open a new Momo shop. Now the product is Momo, We are going to find the best price for the Momo.

 

Pricing a product involves lots of strategies. For this example's sake. The total amount to make one momo is $15 and we going to keep the margin at $5 so the Momo price is $20.

If you want to learn more about Pricing please check this blog Priceintelligently

Now we have to decide the place we need to sell these delicious Momos. 

Momos are loved by mostly young people. So we can put up the shop in a crowded place like Malls, Beaches, Tourist places, college canteen or office.

This might sound simple when we read this but it is quite tough to implement it in actual business.

4 Ps of Marketing are essential in every business. Use this wisely to build the business. 

Happy reading!

Thank you!