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Product – The first of the Four Ps of marketing is
product. A product can be either a tangible good or an intangible
service that fulfills a need or want of consumers. Whether you sell
custom pallets and wood products or provide luxury accommodations, it’s
imperative that you have a clear grasp of exactly what your product is
and what makes it unique before you can successfully market it.
Price – Once a concrete understanding of the
product offering is established we can start making some pricing
decisions. Price determinations will impact profit margins, supply,
demand and marketing strategy. Similar (in concept) products and brands
may need to be positioned differently based on varying price points,
while price elasticity considerations may influence our next two Ps.
Promotion – We’ve got a product and a price now
it’s time to promote it. Promotion looks at the many ways marketing
agencies disseminate relevant product information to consumers and
differentiate a particular product or service. Promotion includes
elements like: advertising, public relations, social media marketing,
email marketing, search engine marketing, video marketing and more. Each
touch point must be supported by a well positioned brand to truly
maximize return on investment.
Place – Often you will hear marketers saying that
marketing is about putting the right product, at the right price, at the
right place, at the right time. It’s critical then, to evaluate what
the ideal locations are to convert potential clients into actual
clients. Today, even in situations where the actual transaction doesn’t
happen on the web, the initial place potential clients are engaged and
converted is online.
Please let me know if you need any clarification. I'm always happy to answer your questions.
Sep 12th, 2015
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