The Four P’s of Marketing – Why You Need Them

Marketing can be a difficult thing to understand. Many think that it’s just a matter of placing a few ads, making some fliers and distributing a few press releases. If it were that easy then everyone would be doing it and their businesses would be booming. However, the fact is, it’s not that simple. There’s more to marketing than what most people see.

With marketing before you begin any campaign, you need to have all your facts gathered. This includes doing an analysis to determine what others in your niche market are doing as well as who are your customers and what are their buying patterns? Knowing this will allow you to develop a highly specific and profitable marketing campaign.

In the marketing world, there is a commonly used method call the 4 P’s. This stands for Product or Service, Place, Price and Promotion. If you focus on only one of these areas then you’re not going to market as effectively as you should. By mixing these items together and really analyzing each part of the 4 P’s then you are leveraging your business to achieve maximum profit from your marketing campaigns.

So, a way to look at it would be:

Product or Service:

What does your customer want from your product or service? How will they use it?

Place:

Where will your customers be looking for this product or service?

Price:

What value will your customers see in your product or service? What price will they be willing to pay? What are your customers charging for similar products or services?

Promotion:

How will you get news of this product or service out to your targeted customers?

Granted these aren’t the only questions you should be asking yourself in these areas but you get the point as to how the 4 P’s really make you analyze your business to determine the best marketing efforts for your business. In the end, it’s about positioning yourself above the competition. The 4 P’s is a tool to allow you to get ahead of the pack if you use it properly.

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