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You may well have heard the 4 Ps mentioned before – it is a term that is very much integral to what marketing is all about.
But what does it stand for?
Product – this is the products or services you offer. You need to understand the features and benefits of your products (think services if you are in a service based business, as the same principles apply), how they compare to your competitors, how you sell them, the buying cycle of your customers, how they meet the needs of your customers. In essence, everything you know about your products and services and the impact they have on your customers.
Price – your pricing strategy for each of your products or services. Are you going for the pile it high, sell it cheap approach (never a good option frankly), middle of the road, or premium pricing. Much of this will be driven by the product itself, including the cost of manufacture and supply, your competitors and what your customers are willing to pay.
Place – how you are going to sell your product or service – on line, via a sales force, through distributors or wholesalers, via retail outlets etc.
Promotion – this is how you are going to communicate your product including a sales strategy, whether you are going to discount the product, how you will advertise or promote it, what PR you will use. In fact, for many people promotion is the part of marketing they “see”, so that’s what they think marketing is all about. Of course, you know it is so much more.
This is very much a whistle stop tour of the marketing mix – I spent the first year of studying my CIM exams covering this, so I know just how complex it can be. You don’t need that level of experience (after all that’s where outside help comes in!), but having a deeper understanding of your business always helps.
We will break each of these down into more detail and look at different aspects over time.
Next week, we will check out the additional Ps that have been added for service based businesses…
If you would like to get your marketing sorted, give us a call on 01256 83 11 10.