The 4 P’s of marketing can be found in any self respecting business plan and marketing plan. If you have a product or service you wish to take to market, than the 4 P’s marketing model can help you. Likewise, it can also be used to judge your existing marketing strategy.
But what are the 4 P’s of marketing and what do you have to take into consideration? They are as follows:
Here you question what your customer wants from your product – how can your product meet their needs? In this section you should ask questions such as; what features does the product have that meets their needs? Where will it be used? What will it look like? What will its size and colour be? What will your product be named? How will it be branded? How does it differ from that of your competitors? And what is its cost to manufacture?
These questions are not extensive, but it should hopefully guide you on the right path.
Your products price is also very important as this is one of the factors that can attract or deter potential customers. In the price section you ask yourself questions such as; how does your price compare with competitors? How will your customer react to small increases or decreases of the price? How much does your product have to sell for to turn a profit verses costs involved? And what value does your product give to your customer to warrant its current price?
Ultimately very few products go anywhere without adequate promotion. Within this section you ask yourself such questions as; how will your product be promoted – online, offline, billboards, radio, etc? What channels will be utilised? What types of messages will be used? How will you reach your target audience with your marketing message successfully? What times and seasons should you promote your product in (especially if it is a seasonal product)? And what kind of promotions are your competitors doing?
The last member of the 4 P’s is focused on your products place. In this section you would ask questions such as; how do buyers find your product – online, in a store, what type of store, etc? How do you establish the right distribution channels? Do you need to use a Customer Relationship Management tool, attend trade shows or utilise sample catalogues? And what are your competitors doing?
Ultimately, the 4 P’s of this marketing model do not need to be in this order, but should all be addressed with the same importance. Although other models exist now, this simple model is not only crucial in helping you clear your mind and focus your efforts, but also helps you to understand your product and its advantages/disadvantages. Additionally, by focusing your efforts in researching your competitors, you will be better placed to build your marketing strategy.