Marketing is a complex process that requires careful consideration of a variety of factors. Neil Borden, professor of advertising at Harvard, popularized the idea of the marketing mix and the concepts that would later be known mainly as the four P's in the 1950s. These four P's - product, price, place, and promotion - are the key considerations that must be carefully considered and implemented wisely to successfully market a product or service. When it comes to product, companies must consider what consumers want, how the product or service meets those needs, how the product or service is perceived in the world, how it stands out from the competition and how the company that produces it interacts with its customers.
Neutral pricing is an optimal approach that new brands should consider, especially when trying to compete in an existing category. The place is the consideration of where the product should be available, in physical stores and online, and how it will be displayed. The purpose of the promotion is to communicate to consumers that they need this product and that it has an adequate price. This strategic choice is where brands really begin to differentiate themselves in the brand creation process.
A careful analysis of these four factors helps the marketer to design a strategy that successfully presents or re-presents a product to the public. These are the key elements involved in the planning and marketing of a product or service, and they interact significantly with each other. A discount can attract more customers, but it can also give the impression that the product is less attractive than it was. However, I would argue that most brands are looking for long-term growth, which requires investments to increase brand awareness, market penetration and growing brand loyalty. Ideally, brands that position their offer with a product concept that creates a new category can become market leaders.
And there is only one logical order for the 3 P's and that is the price, then the place and then the promotion. The combination of service marketing is a combination of the different elements of service marketing that companies use to communicate their organizational and brand message to customers.
