Marketing is such a process which checks out with the customer needs and Makes sure to satisfy it through the products and services from companies. That Means, it includes everything such as Product/Service, Promotions,Place and last but not least Price. The marketer's work is to make sure to integrate programs so as to create, communicate and deliver added value to the end customer. So as to reach the customer with added value , Mr. Neil has derived it as 4P's of marketing. This will help the companies to influence the channel partner as well as the final consumer.
So the 4P's of marketing are - Product, Place, price and Promotion. These 4P's helps the company to look at the Target Customer.These are the factors which are taken into account by external and Internal Environment of Company. The goal is to make decisions by using the 4P's in the target Market in order to create Perceived value and Generate a great response.
Product Decision:- For a Product Decision is a offering mix of the company . It includes product as well as service. The decision is includes Product Variety, Quality, Design,Features, Brand Name, packaging, Sizes, Services, Warranties, Returns. So by taking all these into account and by making sure that all these will be done properly and will be delivered to the customer with added value.
Price Decision:- It Includes Pricing Strategies, List price, Discounts, Allowances, Payment period , Credit Terms, Price Flexibility and Seasonal Pricing.
Place Decision:- It Includes Channels, Coverage, Assortments, locations, Inventory, Transport, Warehouse, Reverse Logistics. So it is one of the important decision for the company because it is the only process which makes the product/ service to reach to the Customer.
Promotion Decision:- For Marketing the Important factor is Communication. Because by this only the customer gets aware of the product or Service offered from the company. By these only there will be a known response from the Target Customer that is company can get a feed back from the customer for the current or future response. It includes Advertising, Sales promotion, Events and Experience, public Relations, Direct Marketing, Personal Selling and so on.
So these are four most important factors of a company to look at their marketing activities so as to give added value to the customer in terms of getting positive response. As in the present scenario the Market is very much competitive and Every one is increasing their Product line and Services . So 4P becomes 7P by inclusion of process, people and Physical Evidence. So , by 7P or 4P the main aim of the companies is to reach the target customer with added value of Products and services.
About Author / Additional Info:
An MBA from GITAM University, India.