4Ps

What is marketing? There is an interesting explanation shown on the internet, “Putting the right product in the right place, at the right price, at the right time.”

Sounds simple, isn’t it? Theoretically, it’s true, but the reality isn’t that easy. Companies need a lot of statistics and calculation to know what customers like, where they shop, and to balance the cost and price of products. Therefore, they came up with idea named the 4Ps, or called marketing mix, to maximize their benefit.

The 4Ps are abbreviations of four words that starts with letter P. They are product, price, promotion, and place.

The meanings of them are:

Product: the features and appearance of goods and services

Price: how much customers pay for a product

Promotion: how customers are informed about products

Place: the point where products can be sold to customers

Shortly speaking, if companies make good use of the 4Ps, they can benefit easier. However, they usually don’t utilize them equally. Let’s take some brands for example.

Luxury jewelry (Rolex):

Product: high quality, that stands out from the others

Place: urban areas, where people who can afford it live in

Promotion: in tennis games, where rich people go

Beverage (Coca Cola):

Place: everywhere, so it’s convenient to buy

Promotion: unique ads and slogan to attract customers