What are the 4P’s of Marketing?
They are a part of the marketing mix.
The 4P’s of marketing are price, product, promotion, and place. These are part of a marketing tool called the marketing mix and this mix describes the types of choices organizations have to make to present their product or service to the market. Use the 4P’s in conjunction with your SWOT analysis to get the most out of your planning process.
It’s know now that a product can either be tangible or intangible such as a service. You have to know 100% what your product/service is and what makes your product/service unique. Once you have all the information cemented, you can successfully market it. Some questions to ask are:
- How and where will the customer use it?
- How is it differentiated versus your competitors?
In the case of price, it helps determine who you will be your target market. Price points also directly affect how the product sells. A high price point is perceived as your product having high value or vice versa. Depending on the positioning of your product, you decide the price. It also impacts profit margins, supply, demand, and your marketing strategy.
- How will your price compare with your competitors?
- Is the customer price sensitive? Will a small decrease in price gain you extra market share?
Place is key because, without a proper distribution plan, your product/service won’t reach consumers. Knowing how the consumers work inside and out will provide information important to select the most efficient positioning and distribution channel. You use a place to figure out what channel is best suited for your product/service to convert potential consumers into actual consumers.
- Where do buyers look for your product or service?
- What do your competitors do, and how can you learn from that and/or differentiate?
With promotion, you figure out what avenues you will take to get your product out to the consumers. Advertising, public relations, social media marketing, video marketing, SEO, etc. are all part of the promotion strategy.
- When is the best time to promote? Is there seasonality in the market?
- Where and when can you get across your marketing messages to your target market?
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