Marketing p's hold the concept of marketing tight and make marketing relevant in business, marketing could not survive if not it adding advantage and importance in the area of marketing, the P's of Marketing is also known as marketing mix.
In those days, marketing p's was classified into four P's which was price, place, promotion and products. This four p's was still in existence, later on new ideas was established which lead to the adoption of another three P's which now make it seven P's and they are now made of the following: price, place, promotion, products, process, people and package (physical evidence).
Now, our aims for today is to outline the different p's of Marketing in details, therefore, we will begin with
Price:
pricing is vital and not only to marketing but to businesses at Large, at times price of goods goes up and at times it comes down, same thing applicable to crypto market, at times we have the bull market and at times we have the bear market. Then in marketing, pricing should be fixed In other not to benefits only the seller but it should be made reasonable that even consumers would be happy about it.
Place:
This is the venue where you displayed your products, some people refers to it as warehousing, yet in marketing, having a right venue for your products is important, because, if a product is not where it should be at a particular point in time, the overall broad goals will be affected.
Promotion:
This are the channels of communication, examples are radio, television, telephone, newspaper, magazine and online ads. The promotional tools is important and should be made effective in sending out information, without having a good channel of communication, consumers will not be aware of the product, so each firms should device a good channel of communication, suitable for their products, Now, this will lead us to communication channel, the channels of communication are made up of the following:
Sender:
This is the originator or the Sender of the message.
Code:
This is the message, the information that is intended to be sent.
Decoder:
This is the receiver of the code (information)
Products:
This is an entity that a company's is known for, products is that thing which aims of company is focusing to produce, just as in hive, the product here, are the hiveans, which is me and you.
Process:
This is the steps use in conveying the goods to the final consumers. This steps can be outlined as, producer's, Middleman and consumers.
The producer (manufacturer): this are the manufacturer of a product.
Middleman:
They are the brokers, those who buys in bulk and sell to the retailers.
Retailers:
They are the ones who buys in small quantities for resale and
final consumers:
They buy for consumption. They are the end users of a product.
Package (physical evidence):
To package a product is very essential as a well package products attract more and more customers and audience.
People:
They are the sellers of the product, the people's play more roles than importance, as they are needed in the others P's of marketing.
The people are the sales agent, the salesperson (Male and female), and the make the overall goals achievable through personal selling.