Let us discuss the 5 Ps of Marketing. They are the fundamental principles of Marketing Management. Let us discuss what they stand for:
Product: Product stands for the product a company intends to sell or it produces. It forms the base of a company’s functioning. A product is created, sold and earns revenue for the company and pays for the workforce. A company needs to decide carefully about the nature of product it intends to launch.
Price: Pricing of the product is the next stage. The company needs to check the manufacturing cost and also the cost of rival products before deciding the final price of the product.
Place: Place is very vital. The company must find proper place to market the product or in other words it needs to find the target consumers for the product.
Promotion: The promotion of the product is important since a proper promotion can … Read More