Marketing is one of the most important tools that lie with a businessman. Marketing plays a very important role in uplifting the overall status of a product. As we all know that only creation of a new product doesn’t matter. The newly created product is of no use if it fails to create an impact on the customers. And to create that impact we certainly need marketing skills. Marketing is nothing but the process of communicating with people to convert them into valuable customers. Marketing is the art that helps to identify the exact market where someone can sell his products. In this article, I am going to underline some of the facts about marketing that play a very important role in increasing the overall valuation of a product.
The main reason due to which a product flops is the fact that it lacks the concept of 4Ps. 4Ps plays a very important role in deciding the overall marketing of a product. The four Ps are basically Product, Place, Price and Promotion. In the next few lines I am going to elaborate all the four Ps that I have discussed above.
- Product: The first P of marketing is the Product. Product is the foremost element of marketing. Marketing skills will be of no use if someone does not have good product. It is the product that matters at the end. So, it should be the first duty of the operations management department to spend some time while researching the type of product that they are going to launch.
- Price: The second P of marketing is the Price. Price can decide the overall success rate of a product. It should be the duty of the project management department to decide a sensible price of the product. The department should also focus of on the price oriented fact that is whether increasing or decreasing a product’s price can help the product in gaining extra market status.
- Place: The third P of marketing is the Place. The target place should be very important. The management team should study about the nature of product and the place from where they can launch their product. There are many available places like online media, boutique, advertising sites, stores and many more from where one can launch his product.
- Promotion: The fourth and the most important P is the Promotion factor. As I have earlier mentioned that the main reason that corresponds to the failure of a product is the fact that the product doesn’t have proper promotion factor. There should be a thorough analysis of the promotions skills that an organization can go for.
The four Ps that I have mentioned forms the basis of marketing. I have tried to cover each and every topic in a detail. But, if you still have any doubt regarding any topic related to marketing then you can always write to us.
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