There are some great ways to get a handle on the basics of marketing. One way is to understand what is meant by the 4 Ps of the marketing mix. Here is an overview of the 4 Ps and a look at how many people mistakenly confuse one of the Ps – promotion – with marketing itself.
An Overview of the 4 Ps of Marketing: It is the job of all marketers to effectively carry out the famous 4 Ps of Marketing:
1. position the product or service in the minds of prospective customers so that they understand its function and potential value to them,
2. set the appropriate pricing, striking the optimal balance between units sold and revenues earned per unit,
3. carry out promotional activities to communicate about and convince customers of the value of the product or service, and
4. Be sure the product or service can be available at a place that allows its transfer to or purchase by the customer upon purchase.
Confusing Promotion with Marketing: I contend that in the minds of most people who are not marketing specialists, it is this promotional element of marketing among these four that is symbolic of (and sometimes synonymous with) the concept of marketing . Promotional activities are among the highest-profile and visible elements of any marketing strategy and are therefore what comes to mind when people think about marketing.
Indeed, the promotional element of marketing is powerful because it is through this activity that consumers learn about and are potentially convinces of the value of a product or service. However, a solid marketing campaign will need to consider fine tuning elements of all of the 4 Ps of the marketing mix. By taking any one of them for granted or letting them be decided by chance, the marketer will miss out on key opportunities to improve sales.
Understanding the 4 Ps of marketing provides businesses a guideline to make sure they are covering all of the bases of their marketing campaign.