The 4 P’s of Marketing

shutterstock_208745824- animated lady giving presentationIn all businesses marketing plays an important role in its overall success. One important element of our success is our marketing plan. It’s important to plan ahead. Marketing isn’t just about ads and social media there’s a lot more in it than that, networking, brand and product management are just to name a few others.

Marketers refer to something called “The Marketing Mix”, made up of the 4 P’s. This helps understand the product/service offers and how to come up with a plan to successfully market the product or service. Once we are familiar with the concept it becomes a useful part of our toolkit for building our marketing plan.

The 4 P’s are as follows;

  • Product
  • Price
  • Place
  • Promotion

 

Product

The product is goods and services which are designed to meet the needs of customers. Customers are very important to a business. If a product or service doesn’t appeal to your audience the business will struggle to increase the levels of sales and profit. To establish the quality of a certain product certain questions can be asked, such as;

  • Is it branded?
  • How will the customer use it?
  • What are the features of the product?

When designing a product to make it appeal to customers it’s important to concentrate on the functions, quality, style, brand etc.

 

Price

The price is the value of the product. You have to think about the amount a customer will pay for a particular product or service. When deciding on a price there are factors which need to be taken into consideration such as the differences in price. Will the prices vary during different times of the year? At what price does the manufacturer recommend the retailer sell the product? And what about the wholesale price?

You should keep a close eye on how the price of your product affects the way your customers buy. This allows you to see if a small increase or decrease in price will affect the sales or not. To decide on a final price for the product it would be a good idea to keep up to date with competitors and see what they are doing with similar products.

 

Place

The location where you decide to promote the product is very important. Different channels to market your product should be chosen. Remember to choose these wisely and make sure they fit with your audience. The place that you decide to choose should have a good amount of visitors so you can reach the maximum amount of people.

To get a better understanding of the locations you choose, again do your research on competitors. Look at what they are doing, and where their marketing activities are being placed. This will help you further understand your competition and leading up can help you better plan ahead.

 

Promotion

When promoting the product marketers need to showcase their abilities using tools such as PR, sales, advertising, direct marketing etc. The question to ask yourself is “How do I get in touch with the target audience”?

Remember there are many types of ways to promote your business. Just because one promotional technique may prove successful it doesn’t mean it always will. You need to look at your audience and think to yourself if your promotions will reach them.

It’s no point putting all your energy in marketing a product for the elder generation through social media (I highly doubt they’ll be scrolling through their Twitter and Facebook feeds), instead it would make more sense to market through other channels such as newspapers, T.V, flyers which are more likely to reach them. It is important to know where to reach your target audience.

 

Thanks for reading this blog post. I hope it has helped you, and good luck with marketing your businesses.

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