In order to evaluate the target market segment Four Ps are adopted by the Marketing Managers. It is the great combination of the 4 Ps, which refers to the Promotion, Place, Product, and Price. Details of each parameter are discussed as below:
Product: Product refers to anything of value that can be exchanged or offered to the market. A Product is considered to be the lifeline of every business, in the absence of which, it becomes tedious and cumbersome for the organization to position itself in the market. If a company has nothing to offer the market, it is likely that there is no need for any other parameter.
- It is often referred as the distribution channel as it actually is the channel through which the product is received by the consumer. The place is very much synonymous with channels of distribution. Furthermore, various strategies such as selective distribution, exclusive distribution, intensive distribution, and franchising are used by the marketer in order to complement the other aspects of the marketing mix.
- This is the cost of money that is paid to the seller by the customer which varies from a different channel of distribution. It’s considered that price plays an important role as it helps in order to determine the company's profit and thus helps to survive in the market. Furthermore, some of the technique of pricing which are used by the organization in order to estimate or assess the pricing and costing of the goods and services, these are cost recovery pricing, penetration pricing and price skimming.
– Now a days, promotion is a very common thing which we can see on Newspaper, Internet and TV. The Marketers used to adopt various types of means of communications in order to communicate about the brand, product and organization to the consumers.