The Four Ps of Marketing

"The aim of marketing is to know and understand the customer so 
well the product or service fits him and sells itself."- Peter Drucker

Marketing isn’t easy, and without a proper marketing plan in place, your 
company may suffer. The main ingredients for a successful marketing 
campaign are the four Ps.

These essential marketing items are product, price, placement, and 
promotion. To provide a positive experience for your customers, it is in 
your best interest to ensure that each P works with all the others.

It takes a lot of work and effort to determine what customers want and 
need, as well as identifying their shopping habits.

Once these steps are taken, you will then need to produce your product, 
find the right price point, and promote it. All of these actions must be 
taken together to avoid problems.

Let’s explore the four Ps of marketing, determine what they are, and how 
they work together.

Product

Your product is the heart of your business. It is near and dear to your 
heart, and if you’ve done your homework, it’s something that is unique 
to the market, allowing it to stand out from the rest of the competition.

The challenge with any product, however, is remaining distinct and 
unique. From a product perspective, it is best if you have a solid 
understanding of what customers are looking for in regards to 
benefits and features.

It’s also imperative that you learn how they will use your product, that 
way you can make sure the product you’re offering fits their wants and
needs.

If the product doesn’t fulfill a need, it won’t be likely that customers will 
purchase it. Perform market research to have a good idea of ways 
your product will be used.

Price

Of course, your product is only going to sell if you set the appropriate 
price point. Your business will want to use production costs, projected 
fulfillment, and other key metrics to determine the proper price for your 
product.

Make sure you are conveying the quality of your product to customers 
when considering the initial amount of your product. At the same time, 
do what you can to keep in mind how the price you select, along with 
costs of manufacturing and production, will have an impact on your 
product in the long-term.

Placement

In today’s market, placement is no longer simply about identifying the 
appropriate retailers or best locations. There are now many other channels 
and outlets to give consideration when thinking about your product 
placement.

Where is the area with the highest foot traffic? Which retailer is showing 
growth and expansion? What businesses does it make the most sense 
to establish a partnership with?

These are all questions you will want to consider when it comes to product 
placement, but you’ll all need to think about the digital aspect of 
marketing.

Will you want to have a social media campaign? Ensuring your product is
in a spot which will gain traction and attention in the market is the key to 
successful product placement.

Promotion

With the continued growth and immersion of our lives into social media, 
it only makes sense to promote and market your product online.

This means that your product marketing needs to be multi-pronged, 
something that did not require as much attention in the past.

Nowadays, customers want to see the product first-hand. They want to 
interact with it, ask questions about it, get answers about it and learn 
more about the brand, all from the comfort of their home.

Provide high-quality videos and content to your potential customers, 
and they will reward you with their loyalty.

Take time to understand each of the four Ps and how they can make 
or break your marketing campaign. Have a strategy for each ingredient, 
and focus on trouble spots that may disrupt a successful product.

Pay close attention to the four Ps of marketing, but also consider other 
marketing resources which can accentuate and highlight your product.

For more information on the four Ps and other marketing tips, 
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Talk to you soon,

Stan Fuller
StanFullerCoaching.com