= The four Ps are the four essential factors involved in marketing a product or service to the public. There are the 4Ps [product, price, place and promotion].
Let's talk about this in brief ....
• Product
Creating a marketing campaign starts with an understanding of the product itself. Who needs it, and why? What does it do that no competitor's product can do? Perhaps it's a new thing altogether and is so consumers will have to have it when they see it.
• Price
Price is the amount that consumers will be willing to pay for a product. Marketers must link the price to the product's real and perceived value, while also considering supply costs, seasonal discounts, competitor's prices, and retail markup.
• Place.
Place is the consideration of where the product should be available, in brick-and-mortar stores and online, and how it will be displayed.
• Promotion
The goal of promotion is to communicate to consumers that they need this product and that it is priced appropriately. Promotion encompasses advertising, public relations, and the overall media strategy for introducing a product.
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