{"id":2438,"date":"2024-04-12T15:20:14","date_gmt":"2024-04-12T11:20:14","guid":{"rendered":"https:\/\/www.awama.co\/?p=2438"},"modified":"2024-04-12T15:20:16","modified_gmt":"2024-04-12T11:20:16","slug":"exploring-the-4-ps-of-marketing","status":"publish","type":"post","link":"https:\/\/www.awama.co\/exploring-the-4-ps-of-marketing\/","title":{"rendered":"Exploring the 4 Ps of Marketing"},"content":{"rendered":"\n
The concept of the marketing mix was initially brought to light<\/a> in the 1950s by Neil Bordon, a Harvard Advertising Professor. Expanding on Bordon’s insights and the contributions from leading figures in marketing and business, E. Jerome McCarthy introduced the concept of the four Ps of marketing in his book “Basic Marketing: A Managerial Approach.”<\/p>\n\n\n\n The four Ps\u2014product, price, place, and promotion\u2014act as a foundational framework for marketing success. This model guides companies in developing compelling business propositions that deliver exactly what customers seek, in the manner they prefer, and at a price they find attractive.<\/p>\n\n\n\n When considering your product, think about what you’re offering. Is it a tangible item? Or perhaps a service? Whether it’s a physical object, a digital application, or a service like home cleaning, whatever you’re marketing qualifies as the product.<\/p>\n\n\n\n Selecting which products to develop and offer involves multiple considerations. Does your product address a need or fulfill a desire? What makes it desirable to potential buyers? Factors such as product quality, design, packaging, variety, adaptability, sustainability, safety, and production processes all play into this decision.<\/p>\n\n\n\n Setting the right price for your products is crucial for profitability. But pricing strategies extend beyond the simple calculation of cost plus desired profit margin. The price tag you set communicates the product’s perceived value and quality to consumers.<\/p>\n\n\n\nThe First P: Product<\/strong><\/h3>\n\n\n\n
The Second P: Price<\/strong><\/h3>\n\n\n\n