FOUR P’S AS ELEMENTS OF MARKETING

Buying, selling, market research, transportation, storage and advertising these are all part of the complex area of business known as marketing. In simple terms, marketing means the movement of goods and service from manufacturer to customer in order to satisfy the customer and to achieve the company’s objectives. Marketing can be divided into four main elements that are popularly known as the four P’s:

A.         Product

B.         Price

C.         Placement

D.        Promotion

Each one plays a vital role in the success or failure of the marketing operation.

A.        Product

The product element of marketing refers to the good or service that a company wants to sell. This often involves research and development a new product, research of the potential market, testing of product to insure quality and then introduction to the market.

B.        Price

A company next considers the price to charge for its product. There are three pricing options the company may take: above, with or below the prices that is competitors are charging. Most companies price with the market, selling their goods or services for average prices established by major producers in the industry. The producers who establish  these prices are known as market leader

C.        Placement

The third elements of marketing process are placements. It involves getting the product to the customer. It takes place through the channels of distribution.

D.       Promotion

Finally, communication about the product  take place between buy and seller. This communication between buyer and seller is known as promotion there are two major ways promotion occurs: through personal selling as in a department store; and through advertising, as in a newspaper or magazine, in online ext. The four elements of marketing  are product, price, placement, and promotion.

All of the elements are work together to develop a successful marketing operation that satisfies customer and achieves the company’s objectives.