Marketing is basically the compelling and essential mechanism or engine that helps you in order to understand that what exactly the specific product or service is offering to their targeted customers.
In the start, there were only 4 P’s of marketing were introduced that were mainly used to highlight the essential components and features of the product or service. But later on, additional p’s were introduced in order to shape and design the scheme of marketing services and then developing an effective plan for marketing.
THINGS TO BE INCLUDED IN 8 Ps OF MARKETING:So the above-mentioned terms are referred to as 8 ps of marketing.
Every single p of marketing has its own importance and all these 8 P’s of marketing contributes to making an effective marketing plan. Now I will be described one by one.
The first and the foremost P of marketing is a “Product”. All the P’s of marketing surrounds around this single P i-e “Product”. This first P basically accords with that element or thing that the business or a person or whoever is trying to sell. You market your product by keeping your competitors in mind. You market your product along with its service details.
Let’s suppose an ABC software house is selling a software (consider software as a product) to a university so here its competitors are other software houses. So by keeping in view their competitors they will sell the product to their targeted customer and will do its marketing online and offline both.
An important point is that the product you are considering will affect every single P involve in marketing.
Price regulates the profit generated by the selling of a product. Also, it addresses different marketing decisions involved in it. For every product or service, a value standard is fixed and sets by pricing. Marketing research shows that pricing of some products or service resonates competition.
Price of a product must meet with the performance of a product. Price comprises some strategies for making an inventory.
It shows how a company or a business market its product or service. The more effective promotion you do, the more your competitors will strive hard to compete with you. Promotion approach or strategies include online and offline branding, banners advertisement that reflect some benefit of a product or service to an audience, and attractive logos that catch the attention of your targeted audience.
Place means that your product or service must be located at the same place where its targeted customers are located and where it is needed the most. When your product or service is located in the right place, it will be even more promoted.
People include that front line staff or your business that bounces and shake the perceptions and experiences of your customer.
A process is an accepted and standard proper procedure in the delivery of a product or a service. The time span of a process depends upon two things one is a situation and the other one is location.
It basically accords its marketing placing strategy that when and where we should market the product or service. Positioning may also decide to accompany benefits from the services that they provide.
Productivity is just another name of performance. It shows how a business can complete its services alongside their competitors in a marketplace. It shows how it provides benefits to its customers. It shows how much quality product or quality service you deliver to your customer.