Every marketer should know the 4 Ps that form the basis of the marketing mix.
The concept of the 4 Ps, promoted by authors Jerome McCarthy gcash database and Philip Kotler, explains marketing actions based on the product (offered to the consumer), price (how much it costs), place (where it can be purchased), and promotion (how people will know about it).
With the technological advances of the digital world, other P's complement this approach to marketing. Now, there are eight P 's:
Product
What are you going to sell? Here you must define what you will offer your consumers that will be useful to them . It could be a tangible good, a service, an information product, an intangible...
Therefore, you must know what the concept of your product will be, its name, functions, benefits, etc.
Price
It refers to what customers will pay for what you offer. While it's important to know how much it costs to produce, sell, and deliver your product, its price will be determined by what your audience is willing to pay.
Are you targeting a segment that seeks economy or one that appreciates prestige? Answers to questions like this will help you nail your pricing strategy.
Plaza or Point of Sale
It's the place where your customers will find your brand or product , so it's essential to know where your consumers are and how they shop. Find out which stores they visit or if they prefer to shop online.
Promotion
It's about how information will reach your audience and how you will engage with them.
People
It's about understanding people's behavior, especially your target audience's. What interests them? What inspires them? How do they behave?
Likewise, it won't do any good for your customers to buy your products if they aren't well-served, so treating them properly is crucial.