However, there is one thing upon which there is no doubt – that Marketing first appeared in the form of various techniques deployed by pioneers companies selling their products.
Marketing Practices throughout the World use a marketing mix when establishing their marketing strategy.
The four Ps are Promotion- which involves many steps and techniques. Place- which is better when it is worldwide. Product- that can be physical or digital. it can also be services or courses and Prices- determined by a particular case.
For a laugh we marketing people say please, please, please and please as the four Ps of marketing.
Promotion:
Promotion means how an organization communicates itself with the customers, in other words, how the organization attract customers to visit and buy goods from them.
Promotion can be done in traditional offline ways or as per the recent and effective trend of digital marketing.
You have to select as per your choice and your targeted audience.
Ask us to promote your business here and on social media.
For example: - McDonald’s uses association and heavy promotions during football matches and even they have a dedicated football sponsorship, sponsoring different clubs.
As youngsters love football thus McDonald’s markets heavily through it.
Place:
The place is the surroundings or the area from where an organization operates.
B2B sellers should select the stores or areas from where they can get more sales.
For example, if you have children's products, it's better to place your products near schools.
If you are in the B2C business it's the placement of your products at a particular place.
I will continue with the same example of McDonald’s which generally operates from busy places like malls, highways, markets etc.
The basic reason being the place should be such that customers should be easily able to visit the place.
Now the place is again a very important aspect of business functionality of McDonald’s as the food giant has to see whether the cost of maintaining the place and benefits derived in terms of revue and customer addition is positive or not, also McDonald’s has to also see whether the place they have decided matches the brand image which is generally fun and leisure.
Product:
Products are the range of goods an organization sells to their customer so as to help them satisfy their needs and demands.
Your products can be physical, digital, services or courses. The range and quality of the product are one of the deciding factors for increasing your business.
McDonald’s sells a variety of products to its customers namely, burgers, sandwiches, drinks, desserts etc.
McDonald’s is an organization that functions in the fast food industry.
Taste and preferences of the customers change frequently.
As competition is very high in this industry thus there may be competitors selling food of a different taste than McDonald’s.
Customers may develop their taste and thereby start visiting competitors, thus McDonald’s has to keep its offerings in the form of products regularly updated and develop it after heavy research so that customers' taste and excitement continue.
Price:
Price is the consideration that an organization charges for rendering its products and services to the customer.
McDonald’s as we have discussed above in this assignment undertakes bundle pricing in combination with premium pricing to sell their products to the consumers.
Now the importance of pricing for McDonald’s can be estimated from the point that McDonald’s sell mostly snacks and food items which have a huge connection with leisure and pleasure, thus to have a customer recall value McDonald’s need to price their goods effectively.
Important notes
Basically selling is a micro function which means offering existing products at an agreed price.
Often salespeople do not control (although they may influence) the production level or quality.
Marketing is a macro function, which, in addition to selling, is involved in many other tactical areas, such as:
Collecting, storing and analyzing important information regarding markets, competition and future trends.
Segmenting the market and identifying the specific needs of different customers.
Adjusting existing products and creating new products to suit the changing customer needs.
Deciding on price levels acceptable to the customers and to the company (ensuring value for money to the customers and ensuring long-term profitability for the company) is another significant task of marketing people.
Selecting suitable channels which can be used as pipelines', either to distribute the products to customers or attract customers to the products/services.
Marketing is planning your strategies in advance.
Sit down and create a Marketing Plan so that your marketing runs smoothly and effortlessly all year long.
Creating a year-round plan for marketing can really improve the number of sales that you'll be able to make, and keep a steady stream of clients and income coming in.
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