4Ps of Marketing
There are many different marketing strategies that companies consider using, but not all can guarantee return on investment. When creating your plan, it is crucial to consider the 4Ps of marketing; product, price, place, and promotion, also known as the “marketing mix.” These 4 variables play a big role in writing an effective marketing plan that supports a company’s strategic and marketing goals.
This factor is the most important because it’s what the customer is considering buying. Creating a marketing campaign starts with an understanding of the product itself. Who needs it, and why? What does it do that no competitor’s product can do? What is the value add?
Companies must link the price to the product's real and perceived value, while also considering supply costs, seasonal discounts, competitors' prices, and retail markup. It’s important to remember that price can make or break a sale. If prices are too high, people might be reluctant to buy. Conversely if prices
are too low, the customer may not think the product is worth it. Salespeople also need to determine when and if discounting is appropriate. A discount can draw in more customers, but it can also give the impression that the product is less desirable than it really is.
Place is another word for location. The main thing to consider is how to get your product in front of the customers who will actually buy them. You don’t want to sell your products at stores when it won’t appeal to most buyers there. Where is your customer? Do I sell this at a retail location or online?
Promotion is the communication aspect of the marketing mix. Through promotion, the company aims to attract the customer’s attention and give them enough information about the product to create enough interest to motivate them to purchase. Social media and paid marketing need to drive the promotion of the product.
The Bottom Line
The 4 Ps of marketing are simple and very essential to creating a successful marketing plan. To create a product that is special, unique and that your consumers will resonate with – you must consider these 4 concepts.
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