If you work in the marketing world, you have heard of the four p’s. The four p’s in marketing consist of the product, the place, the promotion and the price. Let’s break down each element of marketing even further.
The first “p” of marketing is obviously the product. If you don’t have a quality product to market, you need to start back at square one. The marketing of the product can only occur once a fully functioning product, whether it be a service or a good, tangible or intangible, is available for consumption. The product will follow a predictable life cycle that marketers must know and understand. This helps them plan their marketing strategy around each stage of the product’s life cycle as well as be prepared for certain challenges.
The “place” aspect of marketing is more important than you may realize. Also known as placement, this piece of the marketing puzzle involves how the customer will actually receive the product. Marketers must determine the best channel to deliver their product through. For example, a virtual product is best delivered via virtual means, but the marketing strategy must determine which exact means those are for the particular product. Some products may lend themselves to being delivered via email while others may not be. Effective marketers decide the best way to place their products before it is time to deliver.
In the marketing world, it is understood that promotion is key. Promotion involves anything you do to promote the product. This can be through paid advertisements, content creation or whatever means you choose to promote through. It is very important to understand the difference between promotion and marketing. Promotion is just the communication aspect of the entire marketing function.
Price refers to the price the customer has to pay in order to obtain the product. Cleverism.com writes that If there is a positive customer value, than a product may be successfully priced higher than its objective monetary value. This is exactly why it is so important for a customer to see the value in the product they are considering purchasing.
When marketing a product, keep the four “p’s in mind; those terms being product, place, promotion and price. By executing each of these components in a successful marketing strategy, you will find the optimal amount of success for your product.