Unless you know what your customers want from you, what are you going to manufacture?
Once manufactured, how would you determine at what price should it be sold for?
Where will you even sell it?
How would customers even come to know you have developed a new product?
These are some of the most critical questions that a marketer should be able to answer and are covered in the 4Ps of marketing, so if you want to know the right way to answer this question- keep on reading.
This blog post will cover the following points:
1. What are the reasons behind asking- What are the 4Ps of Marketing?
2. How to answer What are the 4Ps of Marketing?
3. Bonus Tip
Let's start with the first one
1. What are the reasons behind asking- What are the 4Ps of Marketing?
Understand that this question forms the crux of your marketing knowledge, and of course when you say you want to do marketing, you are bound to be aware of the basics.
Now there could be two possible reasons to ask you this question, let’s understand them:
a. To test your theoretical knowledge
Now this might be the case for some interviewer who swears by textbookish knowledge and hence is trying to check how well aware you are.
b. Your understanding of the topic
This is for someone who may not be interested in a textbook answer, but rather interested in your understanding.
He/she wishes to confirm that you haven’t chosen marketing as your area of choice just for the sake of it and you actually know what it involves.
Now let's understand how to answer this question
2. How to answer What are the 4Ps of Marketing?
The best way to answer this question is to first give an understanding of what the topic is and why is it important to marketers.
Start off with The marketing mix which houses the 4ps and explain each part with clarity and easy language.
Now go ahead and explain each of the 4ps in the most basic language
1. Product
A product is any item that intends to satisfy the needs and wants of a target customer.
It can be a tangible good (clothing item, pen) or intangible services (legal services or a cruise).
Marketers need to always have a clear concept of what their products stand for, and what differentiates them from the competition, so that they can be marketed successfully.
2. Price
Right after product comes a determination of its value among target audiences or the price.
Determining this is a critical factor in order to generate revenue for the brand as it will impact profit, supply, demand, and how much marketers should spend on a promotion or marketing strategy.
3. Place
Place refers to providing customers an environment where they can have an access to the product, and it also brings in convenience for the customer.
Marketing, through digital means or otherwise, is about putting the right product, in the right place, at the right price, at the right time, in front of the customer.
4. Promotion
So, we have made the product and decided its pricing and where it will be sold. Then what?
How to make the audience aware of our product? Through promotions.
Promotion refers primarily to marketing communications.
These communications use channels such as public relations, advertising, direct marketing, email marketing, social media marketing, or sales promotions.
Basically, anything that can enhance the visibility of our product.
Now let's look at the bonus tip
3. Bonus Tip