Elements of Marketing – 4 Ps of the marketing mix

Elements of Marketing – 4 Ps of the marketing mix

If you wanted to know what marketing is, how it works, and specifically what the elements of the marketing mix are, then you’ve come to the right place. In this article, we’ll be breaking down the four elements of marketing and how they come together to work as a singular process. Read along to find out more. 

Marketing is the most important step to business success. Good marketing can help you generate more leads, grow sales and guarantee general business growth. Marketing is all about studying how people think and act and how those actions affect how they buy things. It is simply studying human behaviour and how to persuade it. If you have a big business or a small business, studying the elements of marketing is essential for you. 

When it comes to the exact definition of what elements of marketing are, one can easily get confused. Marketing is everywhere. From someone trying to sell you a pair of shoes to changing jobs, everything involves marketing. So, it’s really important to fully understand what marketing is and what the elements comprise.

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers. It is a collection of a lot of segments like SEO, content marketing, market research, email marketing, social media, etc. But to understand the complete essence of marketing you need to get to know the elements of marketing.  

Marketing is a set of different elements coming together to generate sales. The marketing mix consists of the 4 Ps – product, price, promotion, and place. The process of studying the target customer, determining when, how, and where to place ads, and reporting on the efficacy of all these efforts is called marketing. 

Elements of marketing 

The 4 Ps/elements of marketing are the foundation of any sound marketing strategy. If any of these elements are missing or not executed properly, then your marketing strategy will either not work or produce unpredictable results. So, it is crucial to understand the meaning and importance behind every element of the marketing mix. 

The 4 Ps of marketing consist of Product, Price, Place, and Promotion. 

Product 

This is the first elements of marketing.

Basically, the item that you put up for sale is your product. That item could be a physical product, a virtual product, a service, or even a service channel. Every product is manufactured at a certain cost and then sold at a certain price. So, before putting up anything for sale, you need to calculate its worth. You need to ask yourself if you have something worth buying.  

A good product is certainly one that solves a problem. There will be an actual existing need for such a product and it will make the whole marketing process easier for you. The problem can be physical, mental, or emotional.  

Product is an important element of marketing. When you’re formulating your product think about these two things: What problem am I solving? & What makes this product different from the products already in the market? Once you have a clear answer to these questions, you can move on to the next element of marketing. 

Price 

Price is how much you charge for your product or your service. It is the second element of marketing. Price is the value that the customer needs to pay to purchase your product or service. It is very important to price your product correctly. Pricing is, in fact, one of the most crucial elements of marketing and requires the most attention.

There’s another question to answer, that is, whether your product is priced appropriately. Customers aren’t going to easily buy your product if you charge too much for your product. On the other hand, if your product price is too low, customers will not trust the quality of the product. Therefore, it is essential to form a balance when pricing your product or service.  

There are four main pricing strategies that you can choose from while pricing your product: 

• Cost + Pricing – Your cost + a profit you think is necessary for your gain. 
• Competitive Pricing – Setting your prices based on competitive prices. 
• Value-based Pricing – Setting your price based on how much your customer decides to pay. 
• Penetration Pricing – Setting your price low to enter the market and raising it later. 

Whatever pricing strategy you choose remember to keep your profits as well. Pricing as a marketing element can get confusing and people forget about profits. The whole business goes AWOL anyway if you don’t earn enough profits. Also, keep the customer in mind always. If the price is something that the customers don’t want to pay, all of this will be a huge waste of time.  

Place 

This is the third element of marketing.

Place simply means the location where you sell your product. So, once you’ve decided on what products to sell and at what price to sell them, you might start looking into where to sell them. Location is one of the make-or-break deals for any business. It is one of the most important elements of marketing. It can lead to massive growth but also massive downfall. 

The question you need to answer here is whether the customers are here in this market where I’m selling my products? Now another question arises: How do you choose the right location? The answer is quite simple. Go where the customers are going.  

Your place of business can be online platforms like Facebook or Instagram or a physical place such as a particular area in a particular city. Look at where your target customers are shopping from and secondly, look at where your competition is selling and then you can start selling your product. 

Promotion 

Lastly, promotion is the fourth element of marketing.

In marketing, promotion refers to any kind of communication made with the audience to educate them about a certain product or service. It is essentially any action you take to drive awareness and ultimately, sales for your business.  

It is actually a promotion that contains all the marketing services that we offer our clients at Trendy Online Solutions, such as email marketing, advertising, content marketing, etc. If you need help with your marketing strategy, you can call us or mail us today.  We are one of the top marketing companies in India.

As promotion is the last element of marketing, it is also really crucial. The first question to ask yourself to promote a product right is where does your target audience spend most of their time; online and offline. Secondly, what kind of offers and promotions are your customers actually responding to?  

If you want to learn more about how to sell products in the market and get ahead of your competition, our team of experts is always ready to help. Give us a call today and our executives will run you through every service we offer that can help you build your business from the ground up.  We are the finest marketing company in India.