Understanding
four P’s :
The students
of marketing are
taught about four P’s
which
is fundamentally in
the reverse order . The
four P’s namely :
Place : First
comes place it’s somewhat not the traditional marketing approach but who can say what came
first chicken or egg
? With real estate
sky rocketing and the
law of uncertainty
dominating the world it has
become expensive to
look for a suitable
place
for your
product so whatever
place is available
just go with it
and
if not available
scout for a
place as per
you pocket . Remember you
have to invest
in the manufacturing
or procuring of
the product as
well which will
come later .
Price : Price
your product in
competition to the other similar
products available in
the market but
make sure you
do not price
your soap at
par with a diamond . It
should be enough
expensive or say slightly
more than the
competitive similar products
available in the
market . And remember
the sale of
the product will
ensure income till
then everything is only expense . Income has
to be more
than expenses if
you want to
sustain the business
organization and pay
your employees a
salary !
Positioning : Pricing the
product helps positioning . Well put
a fancy label
and weave a
fantasy around your
product to match
the price and
voila ! you have
positioned your product
in the market . People admire
expensive products and
do word of
mouth campaigning which
is free advertisement . Well bad
name is better
than no name ! If
still not sure ,
design your label
in similar color
and design like
the hottest competing
product in the
market . It’s called inspiration
and not copying
in today’s world .
Product : As
an organization you
should make a
product that you
are capable , competent
of making , manufacturing , …
If hundreds of
other products are
selling so will yours
. You will make
a place for yourself if
not at top
maybe somewhere in
between . Well you are
obviously not mixing
cotton seed oil
in coconut oil
to reserve the
bottom most rank of the
strata .
Suggested reads : 'The Death of an Institution' by Padmavati B.
