Marketing Essentials: Understanding the 4 P's

Marketing

Marketing is a set of activities, the objective of which is to satisfy needs and desires. A need is a sense of lack of something. If you cannot meet the needs, you cannot fulfill the wish. Consumers are those that satisfy the needs and desires, also called applicants. The market today is the place where the applicants or consumers are. All this is done for profit. Marketing is a social and administrative process; it is a process that has administrative functions: planning, managing, and controlling. It produces the product the consumer wants. The target market is the market where the company wants to go. A company has to think of the competitor to give confidence to the customer.

Marketing Objectives

• To maximize the benefits of the company (increasing gain)
• Maximize use (increasing consumer demand)
• Maximize the satisfaction of consumer needs to increase their desire
• Maximize the quality of life of society

Marketing Areas

1. Product: Any good or service that can be offered in a place to meet a need; the place is called the market. Within the product, four elements are fundamental: the brand, the packaging, the difference from the competition, and the product portfolio.
2. Price: The monetary value that a good or service has for exchange. It is the shortest-run element because it varies.
3. Place (Distribution): The physical location where the product is to be purchased by consumers. First, I need to consider the product, the type of consumer who goes to that location, buying habits, the cost of distribution, and whether the product is in the right place.
4. Promotion or Advertising: The most famous area. It is the communication to the consumer of the existence of the product. The goal is that the consumer must take into account what the customer thinks.

The 4 "P's"

These are:

• Product: The product has to meet the needs of the consumer.
• Price: Setting a monetary value for the product.
• Place: Allows the customer to know where the products are.
• Promotion and Advertising: Informing the customer about the product.

The author defines three strategic decisions: market segmentation, product differentiation, and brand positioning. These lead to a structure for operational decisions regarding product, place, price, and production that remain over time.

The number of categories where you can locate the tools, marketing activities, or decisions used to carry out a business can be anything. The number of variables within the categories where the 4 "P's" are subdivided varies by merchant.