It means the four main activities involved in marketing functions:
1. Product
Choose products that meet customer needs and know this through research, survey and annual sales results that guide you to the most sought products.
2. Place
Marketing Department will study the best places where the products will be displayed and which will also suit the needs of their members.
3. Pricing
It is set by the marketing department. It is important to know how to set the selling price. How do you reach the supposed price that a customer should pay for goods or services? Consider your perceptions of how to set a selling price.
The simplest way to set the selling price is to visit some specialized businesses selling similar products, goods or services. You can ask for the price then set the same or pretty different one.
What will happen if the price is too high?
If selling price is too high, the customer will not buy the item.
What will happen if the price is too low?
If the price you are asking is too low, customers will be happy, but you will lose. The cost of making and delivering products, goods, or services may outweigh the price paid by the customer. It is necessary to learn how to calculate the selling price.
4. Promotion
It means an effective advertisement that seeking the target group to tell them that the product which meets their needs is available in the right places at the right price. The marketing department is also assigned to determine the marketing channels that will be used in the promotion process.