So what does the 4P's of Marketing tell us?

We all know what are the 4P's of Marketing right? Product, Price, Place, and Promotion.

These 4P's define Marketing, they define whether a campaign started will be a success or not. So, basically, it is the foundation of any marketing campaign or strategy.

But, Do we know how to implement it? Do we know how to execute it in its fullest potential?

The 4P's should be followed in a chain, it cannot be random.

Price and Promotion should be the latter parts of the strategy.

The focus should be on the Product and the Place.

One should figure out what resource is he tapping on. Cracking the right chain cycle at the right time is important. It can either be first developing a product and then finding a market (Place) for it or it can be identifying a market and then building a product based on it.

Both are highly time-consuming processes. But the key to unleashing it is, one must first understand the market (Place), do a thorough analysis of the demand from the market, and based on it, a product should be developed.

It does not stop here, once the product is developed according to the needs of the market, then a suitable and market-appropriate PRICE must be set, such a price which should not be too low and not too high, it should be set at a range which attracts the market and indulges to consume it.

Once, the 3rd P of the process is sorted, the backbone and the last piece of the Picasso, PROMOTION must be executed.

We have the product, the place, and also the price, Keeping all these in consideration, a promotional strategy must be built to attract the market and to succeed.