Marketing has to do with advertising a product to attract the attention of the final customer which is the buyer, it is generally about making a product available to the customers and creating awareness to attract the attention of the customers.
Marketing is the broad term that has to do with promoting a product in order to attract the right customers interested in a particular good or service.
Marketing is about understanding the preferences and needs of the customers, creating and delivering value through the development of products and attaching prices to those products.
Proper communication with the customers through various means in order to create awareness about the existence of such products.
Branding in marketing gives the products unique identities and also builds trust.Distribution on the other hand ensures timely availability of the products to the customers.
Marketing enhances business growth by satisfying the customers thereby creating value for such products. It encompasses research, strategic planning, building a relationship with the customers and branding.
The marketing Ps
The concept of marketing is clearly defined by understanding the Ps of marketing itself. We will only talk about three out of the 7Ps.
- – The three Ps of marketing also known as the marketing mix, are essential elements that businesses must consider when developing their marketing strategies.
The three Ps of marketing are:
– Let’s dive into each of them and explore their significance in the world of marketing.
- When the product is considered in marketing, the marketer has to consider his or her audience and their various needs.
- This is done by understanding the preferences of the customers and also embarking on market research. The marketer should not just stop there but he/she needs to find various strategies to improve and come up with better products.
- The market is a competitive one as such such a person will have to come up with new products by embarking on strategic thinking in order to stay in business.
This entails the value the customer has to sacrifice, in exchange for goods and services. The value attached to goods and services determines the price of such commodity.
- This is the physical benefit a marketer offer to the consumer. Price is very essential in determining value attached to a product or service.
- It generally involves setting a value that will be beneficial to both the marketer and the consumer.
- Although the price can vary depending on the cost of the production, the desire to maximize profit or setting a price based on the value attached to such product.
- When the price of the goods is set based on the value of the product, the marketer needs to strike a balance between maximizing profit and satisfying the customers.
This involves the various means of creating awareness on a particular good or service in order such products to be known by the consumers.
This means includes mass media, social media, advertisements etc.It involves various marketing strategies done to generate the interest of the customers on a particular product.
Through this, the marketers try to convince the consumers to buy their products by either stating the benefit of a particular product to attract the attention of the consumers. Promotion may be in form of advertising , sales promotion, public relation and direct marketing.
Why are the 3Ps of Marketing Necessary?
Marketing itself is very important because it helps businesses advertise their products to attract their potential customers.
It enables businesses understand the needs of the customers by strategizing means to satisfy this needs and also improve and rebrand their products to attract more customers.
The three Ps of marketing (Product, Price, and Promotion) are important because they help businesses create a comprehensive marketing strategy and achieve their goals.
- -Product helps the marketer understand the customer in order to produce high quality products to attract the attention of these customers.
- – Setting the price of a particular product helps the marketer maximize profit and also placing value on the product produced, to strike a balance between the profit maximization and satisfying the customers.
- – Effective promotion help businesses create awareness about their products to their potential customers. It also help them generate interest in their products or services. By advertising their goods and services, the marketers get to meet their customers faster.
In conclusion, the 3Ps of marketing (Product, Price, and Promotion) are needed if a business wants to compete in a highly competitive market.
The product has to be designed in a way that will satisfy the customers need and also in a way that will attract the attention of the customer, the price on the other hand has to be suitable for the customer and should also have the ability of satisfying the marketer through profit maximization.
The promotion should be able to create awareness thereby creating visibility. When a business understands the concept of this 3Ps such a business will be able to grow above competitors thereby attracting more customers.
The business will also be able to understand customers’ needs, create new products, and rebrand to suit customer satisfaction. It is through this understanding that a business can grow.