The four P’s are meant to remind marketers to consider everything about a product or service that is being marketed.
You can use the 4Ps to learn about product, price, place and promotion of your product or service.
Some questions you can ask yourself include:
How does your product meet your customer's needs?
Where are customers looking for your product?
What is the value of your product?
How can you differentiate your product from competitors?
The 4 P’s
1. Product - Consider what exactly you are selling. Think of the brand message, the services you offer or even packaging. What features are unique to your product?
2. Price - As much as you need to make a profit, you need to consider what your competitors are charging. Can you offer discounts? Are you a cost-effective option or a luxury brand?
3. Place - Where are you marketing and distributing your product? Not every place is suitable for your product. Think about your distribution channels and outlets you could consider.
4. Promotion - Promotion is the bread and butter of marketing. Communication is of utmost importance. What message resonates with your target market? How and when can you promote? You will also need to know how you can uniquely place your brand amongst the competition.
Marketing has changed a lot since the 4P’s were developed. However, the foundational elements of marketing have not changed. The marketing mix concept can be applied to
any type of marketing.
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