The four Ps of marketing is also known as the “Marketing Mix”, and is utilized by businesses and companies for developing an effective marketing strategy. It includes price, product, promotion, and place. This is a crucial tool in every business as it can help entrepreneurs determine how a product or service can attract customers.
What are the 4 Ps?
The first element is Product, and it usually focuses on what your business is selling. You must ask questions that will help in identifying the unique advantages and marketability of your product. For example, “How can this benefit our target market?” or “What problems can this solve?” These questions can also help build your brand:
- What do consumers want?
- What is the branding strategy?
- What features do consumers want in my product?
Price can create a dramatic impact on your marketing brand as it is usually involved in revenue rather than expense. The prices of goods and services need to be examined through the purchasing process and should include discounts, incentives, allowances, and skimming.
The third element of the 4 Ps is Promotion. It focuses on how you communicate with your customers, including product promotion, advertising, mass selling, and more. Entrepreneurs need to focus on how they are going to promote their product or services by creating a strategy that is fit for the product, price, and target market. Would it be more effective to use traditional methods (such as television commercials and printed ads), newer marketing strategies (such as social media and pay-per-click campaigns), or a combination of both? This is crucial to avoid wasting your time and your company’s revenue.
It is best that you try to focus on these questions:
- What are the promotional channels you have in mind?
- Who are your brand ambassadors?
- How will you increase brand awareness?
- How do you promote differently from your competitors?
The fourth and last element is Placement. This will determine where the product should be sold and focuses on how it should reach your customers. Should you sell it to retailers or online merchants? It is important that your product matches the sales channel that you have chosen as it can greatly affect your business in the long run.
The Purpose Behind the 4 Ps of Marketing
The marketing mix is an integral tool when it comes to developing an effective strategy for advertising and selling. It helps businesses to successfully launch and promote their products or services to customers and show them why it is much better compared to the existing competition. It can also help entrepreneurs understand how to provide the best value for their customer’s money.
Using Digital Marketing with the 4 Ps
Creating an effective marketing plan is not as easy as it sounds; you need to seek help from experts such as Ryan Deiss so they can help you with your business. Ryan has an innovative mind that helped him create his own business online in his very own dorm room. His extensive capabilities have helped e-commerce sites start from scratch and grow exponentially.
Ryan Deiss is the right individual who can help you work your way around promoting your business on the web. He will mentor you and share his expertise on how to successfully create an effective digital marketing plan.