The definition that many marketers learn as they start out in the industry is:
" Putting the right product in the right place, at the right price, at the right time. "
These four elements are the basic components of a marketing plan and are collectively called 4 P’s of marketing.
Product
Product is the actual offering by the company to its targeted customers which also includes value added stuff. Product may be tangible (goods) or intangible (services).
While formulating the marketing strategy, product decisions include:
What to offer? Brand name, Packaging, Quality, Appearance, Functionality, Accessories, Installation, After sale services, Warranty.
Price
Price includes the pricing strategy of the company for its products. How much customer should pay for a product? Pricing strategy not only related to the profit margins but also helps in finding target customers. Pricing decision also influence the choice of marketing channels. Price decisions include:
Pricing Strategy, List Price, payment period, Discounts, Financing.
Using price as a weapon for rivals is as old as mankind. but it’s risky too. Consumers are often sensitive for price, discounts and additional offers. Another aspect of pricing is that expensive products are considered of good quality.
Place (Placement)
It not only includes the place where the product is placed, all those activities performed by the company to ensure the availability of the product tot he targeted customers. Availability of the product at the right place, at the right time and in the right quantity is crucial in placement decisions.
Placement decisions include: Placement, Distribution channels, Logistics, Inventory, Order processing, Market coverage, selection of channel members.
Promotion
Promotion includes all communication and selling activities to pursuade future prospects to buy the product. Promotion decisions include:
Advertising, Media Types, Message, Budgets, Sales promotion, Personal selling, Public relations, Direct marketing.
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