4P Of Marketing

Marketing principles are gathered under the name of 4P of marketing in its simplest form. 4P refers to the initials of the words Product, Price, Place and Promotion. With the increasing competition day by day, companies need stronger marketing strategies and the foundations of these strategies are based on marketing principles. The concept of 4P appeared in the 1960s with the book by Philip Kotler, who is considered the father of marketing.

What is the meaning of 4p in marketing?

• Product

Product is something that is produced or set up to meet the needs of a group. A product can be a good or a service, tangible or intangible. Market research is carried out before creating the product in order to bring the right product to the right market. The product is designed in line with the needs and demands of the market. Each product has a life cycle. This cycle consists of growth, maturity and decline phases. Marketers should bring innovation and innovation to their products to avoid the decline phase.

What is 4p strategy?

• Price

Price is the amount the customer will be willing to pay for a product. If the price is too high, potential customers are lost; If it is too low, it becomes difficult to make a profit. Competitors should be taken into account when determining the price. It includes price, cost, profit and value in customer perception.

Why are the 4 P’s important?

• Place

It is necessary to bring the product to the customers in the right place at the right time. Even if you produce the best product, it makes no sense if your potential customers cannot reach your product. The target market must be well analyzed to understand where customers want to reach the product.

How do the 4 P’s of marketing work?

• Promotion

Promotion includes promotional activities that increase the awareness of the product and enable it to gain a place in the market. Promotion; It consists of applications such as sales organizations, public relations, advertising, sales promotions. If you want people to buy your product, you must first make sure they are aware of your product.

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