To effectively market a product or service there are four things you need to get right: Product, Price, Place and Promotion. As the product is the item being sold to the customer, the thing that will bring in money, its features and design need careful consideration.
The answers to these questions will help a firm design, package and add value to its products. There are lots of different pricing strategies but every strategy must cover at least your costs unless the price is being used to attract customers to the business (loss leader pricing).
The Place element of the marketing place is about where the product is made, where is it stored and how is it transported to the customer. The following link provides further information on place: Marketing Mix and Place Strategies. A successful product or service means nothing unless the benefit of such a service can be communicated clearly to the target market.
Promotional activities for consumer sales will be different to promotional activities for business to business sales. E-Marketing Mix: A massive increase in internet sales has changed the way the marketing mix is implemented by firms. The basic major marketing management decisions can be classified in one of the following four categories, namely Product, Price, Place (distribution) and Promotion. Product: It is the tangible object or an intangible service that is getting marketed through the program. Promotion: This represents all of the communications that a marketer may use in the marketplace to increase awareness about the product and its benefits to the target segment. So how does a marketer strategize to attain success in a marketing program, using these 4 P’s? Offering specificity introduces the contextual customization of what needs to be done to address the questions raised in each of these 4 Ps of Marketing. Promotion plays a role in the perception the possible target audience may have about your service. Services marketing is that elusive concept which stays incomplete without a thorough understanding of 7 Ps. Also did you read our article on the The 4 P’s of Marketing – The Marketing Mix strategies? Whether the firm is manufacturing the product or purchasing the product for resale, they need to determine what product features will appeal to their target market.
The place for each of these things should ensure that the product gets to the right place at the right time without damage or loss.


Promotion is any activity to raise awareness of a product or to encourage customers to purchase a product. An increased focus on environmental issues, has contributed to a rise in the demand for environmentally friendly products and services. This is one of the preliminary knowledge every marketer must have and is considered to be the basics of every marketing theory, which emerged henceforth.
Tangible products may be items like consumer goods (Toothpaste, Soaps, Shampoos) or consumer durables (Watches, IPods).
If the price outweigh the perceived benefits for an individual, the perceived value of the offering will be low and it will be unlikely to be adopted, but if the benefits are perceived as greater than their costs, chances of trial and adoption of the product is much greater. Promotion has four distinct elements: advertising, public relations, personal selling and sales promotion. Our authors are educators from top QS ranked universities and practitioners from multinational enterprises. Who would want to travel 10 miles to have a regular dinner, even if that is priced very competitively and has a super quality? Services being intangible, processes become all the more crucial to ensure standards are met with.
These form the critical success factors for any service as evaluated by a possible customer. The four elements should be viewed as one unit and structured to support each other; Otherwise a firm's marketing strategy will be confusing and uncoordinated.
Intangible products are service based like the tourism industry and information technology based services or codes-based products like cellphone load and credits.
This may include any physical store (supermarket, departmental stores) as well as virtual stores (e-markets and e-malls) on the Internet. Advertising may include using specialty packaging to showcase products, utilizing promotional products for your company, or online ads. In there very essence, the 4 Ps of marketing is actually a framework that allows the marketer to structure the value proposition of an existing product (or a new product at the time of launch) so as to garner the highest mindshare by distinctly structuring the same.
Services can range from financial services provided by the banks, technology services provided by the IT company, food and ambiance as a service provided by restaurants or even a blog where an author provides a service (information presentation, interesting reading etc) to his audience. The attributes of the product, vis-a-vis the attributes offered by competing products and substitutes, are important in estimating the competitive scenario for the marketing strategy formulation. Promotion leads to service (brand) recognition and further establishes a proxy to evaluate quality of services based by potential customers. Process mapping ensures that your service is perceived as being dependable by your target segment.


This article provides you with a quick introduction to each element and links if you would like more information. You will also need to consider competitor pricing and factors within your marketing environment. Many organisations have adapted their marketing strategies to capitalise on the consumer appetite for Environmentally Friendly Products.
This is crucial as this provides the place utility to the consumer, which often becomes a deciding factor for the purchase of many products across multiple product categories.
A certain amount of crossover occurs when promotion uses the four principal elements together (e.g in film promotion). However, that is easier said that done and many marketers fumble when it comes to playing with the real life nuances and bringing out a crisp value proposition.
Services marketing are dominated by the 7 Ps of marketing namely Product, Price,  Place, Promotion, People, Process and Physical evidence. What is important to note that services being all the more intangible, the price becomes an important factor for the actual service consumption to happen, after service awareness and service acknowledgement. Many different promotional tools are often used like internet advertisement, special events, endorsements which happen out of the store or in-store merchandising like branded boxes from Custom Boxes Now, plastic dump bins and digital signage.
Intensive training for your human resources on how to handle customers and how to deal with contingencies, is crucial for your success. Would you like eating at a joint where the table is greasy or the waitresses and cooks look untidy and wear a stained apron? Click on this link to read more about how the marketing mix can be used to market environmentally friendly products and services. The 7 P framework is one of the most popular framework for deciding a marketing strategy, right from strategy formulation to actual implementation.
Every product is subject to a life-cycle including a growth phase followed by an eventual period of decline as the product approaches market saturation. To retain its competitiveness in the market, continuous product extensions though innovation and thus differentiation is required and is one of the strategies to differentiate a product from its competitors.



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