The Four P’s in Marketing Strategy

The four P’s is something you should consider when starting your own business. These four P’s include product, price, place & promotion. The good thing about the marketing mix is that to meet the needs of different customers or market sectors you can change them!

Product:

If you want to start selling a product the first thing you can ask yourself is what needs does this product satisfy. To have the perfect product, you must research about what you want to sell in the market. If you’ve put the product out in the market, be sure to look at your feedback. Ask your sales team for some feedback, this way you will be able to tell if your product is meeting customer needs. By monitoring how your product is doing, you will be able to know if you must improve the performance.

Price:

When having your product, you must know how to price it. Many times, your competitors will always throw something at you. For example, they might offer a similar product at a lower price. You must have a plan B to know how to react to this. If you decide to decrease the cost of your product, make sure that your profit levels aren’t affected.

Place:

Place is very important! This is going to be the place where you will sell your product. You need to study and understand customers and their prospects. For example, if you are going to start selling clothes, the best place to start selling your product is probably at a mall. You must take into consideration a way to minimize your costs. You wouldn’t want to sell Popsicle’s in the winter, you would probably sell them in the summer, in a place next to the beach where you can target your customers and get more revenue.

Promotion:

To get customers aware of the product that you are selling, you must promote it well! There are many ways in which you can promote your product. You can promote it by advertising, websites, or press release. Make sure that you communicate what you really want about your product to customers. Make them aware of the most important benefits!