7 Ps of marketing are explained as follows:
(1) Product : An article, goods, commodity, or service that is manufactured and offered to the customers for sale is called product. It has capacity to satisfy desire or need of the customers. The products may be either tangible or intangible. It can be in the form of goods or services. By undertaking extensive market research the business enterprises are required to decide the right type of products to be produced and sold. The product creates impact on the mind of the customers on which success or failure of business firm depends.
(2) Price : The amount of money given or required to buy a product is called price. It is essentially the amount that customer ready to pay for a product. The cost of the product, willingness of the customers to pay for the product, value and utility of the product are the main factors that businessmen have to considered while (determining) deciding the price of a product. Price of the product should be neither too high which affects the demand adversely nor too low which reduces the profitability of the business.
(3) Place : The distribution or placement of product is a significant aspect of the marketing, Place is the element of marketing mix that ensures that right product is distribute and made conveniently available to the potential consumers or buyers at right price, at right location and at right time too. The business enterprises are required to distribute the products at a place easily approachable to the potential consumers or buyers. Place in this respect covers location, distribution and the ways of giving the products in the hand of the customers. The system of distribution decides the coverage of the product in the market.
(4) Promotion : Promotion is one of the basic elements of marketing because it makes the customers aware of its product, creates brand recognition and sales. Promotion refers to any type of marketing communication used to inform and persuade potential buyers or consumers to buy the products by explaining them the regular merits of products, service, brand, etc. Promotion mix comprises of different tools such as advertising, sales promotion, direct marketing, personal selling, etc. promotional strategies to be used in the business depends on various factors such as budget, target market and the message wants to communicate.
