What are the 4 Ps of marketing?
The 4 Ps are the following:
Let’s look at each “P” more closely.
Ask yourself the following questions when considering your product in your marketing mix:
- Who is the audience for this product?
- What problem does this product solve and how?
- How will our audience use and engage with this product?
- What are the physical attributes of the product (size, color, package, branding)?
- What is our product’s differentiating factor?
Ask yourself the following questions when considering your price in your marketing mix:
- What is the lowest possible price that still yields a profit?
- What is the highest price your buyers will accept?
- What is your audience’s socioeconomic profile and how important is it?
- What are your competitor’s prices?
Ask yourself the following questions when considering your place in your marketing mix:
- Where is your client shopping?
- Where do they expect your product to be?
- Where do they not expect your product but would appreciate it to be?
- Will you be selling online? Offline? Both?
- How will you be distributing your product?
- Who handles your product? Your store? Intermediaries?
- Where are your competitors placing their products?
Ask yourself the following questions when considering your promotion in your marketing mix:
- Which channels does your audience engage in?
- What is an effective message for communicating your promotion?
- What kind of delivery system will you use? Video? Sound? Graphic?
- When is the right time to launch your promotion?
- What kind of promotion will you run? Percentage discount? Dollar discount? Buy one get one?
- How will you track your promotion? Promo code? UTM links?
- What promotions are your competitors running? Have run?