What is 4P’s of Marketing and why is this Important for any kind of business??

Do you know that Organizations around the world, either intentionally or unintentionally, follow the model of 4P’s of Marketing. 4P’s of marketing refers to People, Place, Price and Promotion. So, now you have a small idea of what is 4P’s of Marketing and how companies use this model for growing their business on a further level.?

First P, that is “Product”, refers to the goods and services an organization wants to offer its customers. This is to be mentioned that many major successful companies have introduced products in the market for the first time, which helped to enhance their growth in business at a significant rate. Do you need an example? Think about Tesla cars!?

On the other hand, Price is the second P of this model and this is the value a customer should pay to the company for the service or products he or she wants to avail. Failing to determine the right price for products will eventually make the company fail, it is not something about high price or low price. If the value of the product is actually high, customers will be willing to pay for it. Similarly if the product does not meet customers’ demands, no matter how cheap it is, customers will not go for it.?

Place and Promotion are the third and forth P’s of this model which are associated with how the customers can get their demanded services or from a business perspective, how the companies can sell their products and services to their customers - to be more specific - where?. Last but not the least, Promotion is equally important as the other 3 P's as this ensures that customers are aware of the services and products that an organization can give to them and effectiveness of those products and services in meeting their needs and demands.