Marketing Basics ~ The 4 P’s Of Marketing
By: Josh Druck
1) Product – Characteristics of your product or service. Does it meet the needs of your customers and provide them with satisfactory results. The Product Strategy includes how your products will be positioned against the competition in the product market.
2) Price – What does it cost, and how much are the customers willing to pay. Deciding a Pricing Strategy, and providing results are crucial. Create “Attractive Prices”. The pricing strategy should emphasize the value and uniqueness of your merchandise.
3) Place – Available in the right place, at the right time, and in the right quantities. Positioning Strategy is used to also communicate the desired positioning of a service in the target market. Positional Effectiveness is how well the management’s positioning objectives are being achieved in the target market. If your product/service is not where your costumers are, you will lose money.
4) Promotion – Product Promotional Strategy uses an effective combination of advertising, sales promotion, personal selling, and public relations/internet marketing/social media to communicate with customers. Always convey a business culture of a “customer driven company”.
Choosing the right market target strategy can affect the performance of the whole business. The targeting decision is critical to guiding the positioning of a brand or business in the marketplace. Sometime a single target cannot be selected because the business competes in several market segments. Locating a business’s best matches between it’s capabilities and a market segment’s value, may first require a detailed analysis of several segments. Targeting decisions establish key guidelines for business and marketing strategies. Overall the 4 P’s of Marketing provide us with a simple marketing structure of product creation, price, placement and distribution.