How to build a marketing strategy for your product? 4P in marketingMarketing Mix

In this video we will talk about the 4P concept used to develop the right marketing strategy before launching a product that explains this practical business case. This approach is also called Marketing Mix. This is called a mix because product price place and promotion are 4 inseparable elements that represent 4P. 4P is made up of the initials of these 4 words. In the example of a bookstore we also saw that despite the fact that 3 of these 4 factors were done correctly only one factor that is the wrong choice of place led to failure. In simple terms 4P is like the 4 main ingredients needed to make a delicious meal. If one of them is not there then that meal will not be delicious. Now lets explain the concept of 4P in detail and see how we can apply this approach. The first factor of 4P is Product. A product here is a physical product or service. In general we will call it a product. From this point of view first of all we need to know what problem the product we will present to the market will solve in the market. At the same time we need to determine what features qualities design packaging dimensions and other things this product will have. The second factor is Price i.e. the market price of the product. Here the price of the product will be a nuance that will directly affect sales. Therefore the question arises how much are potential customers willing to pay for this product ?! If the target audience of the product is low-income people and a high price is set for it then the product will not be sold. Conversely if the product is a premium product i.e. the target people are high-income people then the fact that the price is below the norm will have a negative impact on sales. Or the question is at what price do companies offering similar products set the same product ?! Pricing taking into account these factors will increase the likelihood of the product being successful in the market. marketing marketingmix 4P easymarketing Contact for partnership: supporteasybusinessschool.org The program we used to make the animated video: ,

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