If you’re in the business of marketing a product, you probably know about the four Ps of marketing. These are product, price, place, and promotion. These are the traditional elements of marketing, but they’ve evolved. Today, the marketing industry includes many more factors. People, process, and physical evidence are also essential for marketing success. Here are some examples of these elements and how they impact the success of a company. Understanding these four Ps can help you plan your marketing strategy.
Marketing is the process of exploring the needs of a target market and creating value. In most cases, marketing involves selecting a target audience, developing advertising campaigns, attending public events, and trade shows, creating products that are valuable to buyers, establishing terms of sale, and negotiating deals with retailers and affiliates. The American Marketing Association describes marketing as “the process of creating, delivering, and exchanging offerings that create value.”
Using mobile devices for marketing is becoming a key component of a complete marketing strategy. Facebook and Foursquare make it possible to target potential customers with coupons. Influencer marketing relies on finding and contacting online users who have similar interests as yours. For example, if someone is an influential figure in your industry, they might share a link to your website. Influencer marketing, on the other hand, involves using social media sites to get consumers to buy your product or service.