But along the way, marketers felt a need to add to the four Ps.Actually, I’m not talking about the word ‘more’ as having it in terms of quantity and quality.Price refers to the rate at which the product or service is being sold. I am actually talking about the concepts of marketing, be it postcard printing or tv commercials, and being more than what is considered as the standard. As the four Ps were not enough anymore, additional concepts were now introduced based not only on the product but on the services as well.As any marketer knows, there are four Ps in marketing – Product, Price, Place and Promotion. You can use the competition, market share, cost of materials, the identity of the product, as well as the value perceived by the customers to determine the price.All in all, the new six Ps tries to improve on the previous concepts.People refer to the customers of the business, both the target and the present. It can also be a service which you offer your target market. Many feel it’s not enough anymore.Hence, the creation of the extra two Ps – People and Performance. Promotion, on the other hand, is the manner by which you make your product or service known by the general public.
It also includes how these people think and make their buying decisions, as well as the segments found in the market, which provides for a more focused and well-thought of marketing campaign that targets the most attractive sector of the market. These four Ps of marketing are the major concepts of what marketing should be.Place indicates the area or location where your product or service can be purchased by your customers. This refers to the overall performance of the business itself – the financial and strategic goals, and whether they can be achieved or not. This is actually where you put your marketing efforts to action. It is also known as the “distribution channel”. They are the base and the foundation that any marketer or business owner should use to put together an effective and successful marketing campaign in their print postcards or flex banner door hangers for example.. Product means the very item or thing that you are selling to your target audience.Finally, there’s P for Performance. Your competitor’s price is also very important as it tells you how much you can apply to your own product especially if you have the same item being offered. The four Ps have been revamped, reorganized, and made use of to provide new concepts to make better and more effective marketing campaigns. It may come from different factors.To recap, the first P is the Product. With extra ideas to use, marketers are expected to have better results in their marketing efforts
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