Marketing is one of the strongest foundations of any business. Many people think marketing is the easiest part of business operations. But that’s not true. A high-quality marketing strategy will always require a lot of thought and development.
Before your brand decides on the type of marketing (email, social media, or other digital marketing types) it needs to have a good understanding of one of the most important marketing concepts: The 4P’s of Marketing. The 4Ps of marketing include product, price, place, and promotion. Despite being an old concept, it’s very much applicable today as it was before.
Let’s explore each of the four categories that make the 4P’s of marketing:
The product is the first P in the set. It can basically mean anything that you’re selling. It could be the product or the service. It can be physical, digital, or labor work. Of course, without knowing about the product you’ll be marketing, you can’t determine any of the other Ps.
Many marketers believe that the product is the most important in the 4Ps. It doesn’t matter if you have the best price or promotion, without a good product, you won’t achieve success. The product includes elements such as performance, support, and variety.
The price is basically the cost of your product. A product that is priced well will always have more success than overpriced or underpriced goods or services. When putting a price on your product, you must first understand its value. You have to talk about its value and show why it’s valuable to your customers.
There are a lot of things that can affect a product’s price. Some examples are distribution, location, competitor pricing, labor, etc.
The place is all about where your product is sold. It could be anywhere from your own store, website, Amazon, Etsy, or your local market. Each location has its own negatives and positives and you have to take advantage of it.
Before the internet was invented, merchants have only two options (1) sell it on their own store or (2) sell it on someone else’s. Now, the web has given us a lot of advantages. Decades ago, you can only sell local, today global selling is the norm. The hours of operations also changed. Thanks to automation, you can now have 24/7 open hours with support and service for your customers.
The last of the 4Ps is promotion. Promotion is what businesses almost always focus on when they think of marketing. Promotion actually covers everything. From the product, location, and price of your products.
Promotion is also very important since this will help your business earn profits. Comparing the past to the present, the promotion has become more affordable and easier. If before you’re only limited to paid channels such as newspapers, radio, and TV — now, with ingenuity and creativity, you can promote for free on the internet.