- 4 Ps involved in the marketing of a product or service
- For any kind of business organization
- Get the right development, integration and execution of marketing strategies
There are four basic aspects of marketing, often called the Four Ps or marketing mix: product, price, place, and promotion. Businesses must consider what aspects of their marketing strategy are working, what new innovations they might adopt, and how they can create an integrated approach.
You’ll need to consider the qualities and preferences of the customers you are targeting when developing the Four Ps. The mix can also play a role in developing company strategies, such as diversifying your products and services or breaking into a market. Brief campaigns can be useful for testing the effectiveness of a marketing strategy and making adjustments as needed.
Product
Products can be physical goods or professional services offered by the company. They must address a specific problem or customer need. You’ll need to consider how your offering stands out from competitors. Products and services typically serve an existing consumer need, but sometimes represent a first-of-its-kind breakthrough.
Price
Pricing is based on various factors, including supply and demand, the cost to produce, and prices offered by competitors. In general, you need to decide whether to offer a bargain to customers or provide a luxury product or service at a higher price. This category also takes discounts into consideration, including when to offer them and how deeply you’ll reduce the price.
Place
This category addresses where your product or service is available and where it is advertised. You might have a retail store or other physical location, or you could be limited to e-commerce. There are a variety of channels that can be considered for advertising, including print, television, and social media.
Promotion
Promotion is the practice of advertising your product or service and making the case for why a customer needs it. The messaging and advertising should be chosen based on how likely they are to appeal to your desired customer base. You should also consider whether your business is seasonal; landscaping businesses may determine that late winter or early spring is the best time to promote their services, while fitness centers may make their strongest push at the beginning of the year to capitalize on New Year’s weight loss resolutions.
