The basic key element of the marketing plan is 4P\'s that is - Product, Price, P

Question

The basic key element of the marketing plan is 4P's that is - Product, Price, Place and Promotion, These are the key element which helps us to understand all factors of the marketing plan and develop the best plan acc to the need.  let us discuss this in detail.

Product

The basic idea of the concept of the product in the plan is getting the desired product to intended target customers. The target customers could range from the different segments. Companies make sure to do a market survey to find out wheater the product is desirable or not and plan the further processes.

Price

Another important aspect of any marketing plan is Price, if the product is desirable and the price is perfectly set, it is equal to half of the battle won. The price of the product must be predetermined by the company and it should be set such that the customer is willing to pay for it. Plus the price should be such set that it covers all elements and does not make loss for company and at the same time it creates value for customers

Place

Selling your product at the right place is equally important. The product must be analysed and created according to the need of the target customers, if that need is not fulfilled then there is no demand for the product. For instance, selling Winter ware to people living in Equator region or selling Water coolers in Arctic belt.

Promotion

Although the last step but not the least, this is one of the most important parameters of the marketing plan. If all the rest 3 steps are good to go but the company fails in proper promotion the product could fail. The promotion of the product is the communication between the company and the customer, which educates them about the product, tell its feature, specification, availability and etc.

These are the 4 key elements of the marketing plan, there is also an extended version which has 3 more elements which include People, Processes and Physical evidence.

Explanation / Answer

List and discuss the elements of the Marketing Plan

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