The Four 4 PS of Marketing and its Importance
MARKETING AND SALES
One very important aspect of running a business is the Marketing aspect. Marketing is so important because once there are no sales, there will be no income and once there is no income, the business will die a natural death.
WHAT IS MARKETING? It is the management process through which goods and services move from concept to the customer.
It includes the coordination of four elements called the 4 P’s of marketing:
What are the Four PS of Marketing Strategy?
THE FOUR (4) PS OF MARKETING = PRODUCT, PRICE, PLACE AND PROMOTION.
What does the four PS of Marketing Mean?
(1) PRODUCT identification, selection and development
(2) PRICE determination
(3) PLACE- ,selection of a distribution channel to reach the customer’s PLACE
(4) PROMOTIONAL STRATEGY- I.E development and implementation of a promotional strategy.
How do the four PS of Marketing Work Together?
An organization’s Marketing Strategy combines all of its marketing goals into one comprehensive plan.
A good marketing strategy should be drawn from market research and focus on the product mix in order to achieve the maximum profit and sustain the business. The marketing strategy is the foundation of a marketing plan.
Every business must do the following in relation to developing and executing its marketing plan:
1. Develop a marketing/sales strategy.
2. Be aware of the business’ strengths and weaknesses through internal and external analysis and look for market opportunities.
3. Analyze your products and services from the viewpoint of the customer—outside-in thinking, i.e What is the customer looking for and what does the customer want (benefits)?
4. The business must gain knowledge of the marketplace from its customers.
5. The business must analyze its target markets. What other additional markets can the business tap into and are there additional products or services the business can add?
6. The business must know its competition, current and potential. By identifying the competitor’s strengths and weaknesses the business can improve its position in the market place.
7. The business must make decisions on how to apply its resources to the target market(s).
8. The business must utilize the information it has gathered about itself, its customers, its markets, and its competition by developing a written Marketing Plan that provides measurable goals. The business must select marketing/sales tactics that will allow it to achieve or surpass its goals.
9. The business must implement the plan (within an established budget) and then measure its success in terms of whether or not the goals were met (or the extent to which they were). The Marketing Plan is an ongoing tool designed to help the business compete in the market for customers. It should be re-visited, re-worked, and re-created often.