The American Marketing Association defines marketing as the activity, processes, and set of institutions that create, communicate, deliver, and exchange offerings that have value to consumers, partners, and the larger society. There are four basic principles of marketing, commonly referred to as the "4 P's" or Marketing Mix, namely, Product, Price, Promotion, and Place. Without these elements, it would be practically impossible to come up with a comprehensive marketing plan. Online business courses help you to understand how to properly execute the right mix of these principles in order to enhance your chances of success.
The 4 P's of Marketing
A product is any tangible item for sale (good) or service being rendered in exchange for money. You need a relevant product in order to be in business. In coming up with a product, you must first identify a perceived need in the market, which you intend to satisfy. It is not a must that you invent an entirely new product. You can offer an already existing product - just add some value that will make it superior and more beneficial to customers. In addition, your product must stand out from the competition.
Price is an important element in marketing because consumers can only buy what they can afford. If your price is out of reach for consumers, they will be forced to look for affordable alternatives from your competitors. Price also plays a significant role in:
Promotion refers to the process of reaching out to your target audience to let them know about your goods and/or services. Essentially, there is no use for you to have the perfect product and better yet, offer it at an exceptional price, if no one knows that it actually exists. Therefore, you must get the word out and let consumers know about the product, and its benefits. Promotion is about creating awareness and to some extent, perceptions about your product. It involves advertising, public relations campaigns, and promotional incentives such as sampling, special events and coupons.
Place refers to the actual location where consumers can find your product. Choosing an ideal location to offer your goods or service is very crucial in developing an effective marketing plan. A physical store and an online e-commerce service are examples of a place that you can offer your product. When choosing a location, you must consider several factors such as: