Product
A product is either tangible good or intangible service that satisfies a need of your consumer. As a marketer it's is key to have a clear understanding of what your product is and what it offers to your consumers. In order to successfully market a product you must understand this.
Price
The price and pricing decisions of your product is essential to marketing that product or service. For marketers price will affect profit margins, and supply and demand. The price you place on your product gives it a perceived value to your consumer base. Many companies have made consumers believe their product is better simply because it's priced higher.
Place
Place is all about where to put your product. If its a physical store where it's placed will directly affect traffic. If your product is cookies where they are on the shelf will affect sales. In 2020 it's even more important to keep in mind where it is that your consumers see your product first, whether that's online or in-person.
Promotion
Promotion focuses on the way marketers distribute relevant product information to consumers and how they differentiate the product or service. You've heard of advertising before which is part of promotion but in the online world there a plethora of new ways to promote your product or service. SEO, social media marketing, and email marketing are just a few new ways to promote your product.
Prompting Questions
Key questions for organizations to consider.
- Is my product near my customer base?
- Am I promoting my product through the right channels?
- Does the price of my product reflect the perceived value of the product?
- How would I define my product?
References:
- Purely Branded. “The Four Ps of Marketing.” Purely Branded, 2016, www.purelybranded.com/insights/the-four-ps-of-marketing/.