Lets Talk

What Are the 4 P’s of Marketing and How Do You Apply Them to Your Business?

By: Neha Phillip

October 28, 2020

Sometimes, it’s good to back to basics. In a year that has been hectic and slow all at once, it often helps to go back to the drawing board and assess your business’s digital marketing. If you’re a traditional marketer, it’s likely that you already understand the four P’s of marketing and what they signify. If you’re ready for a little refresher, read on. 

The Four P’s of Marketing

Product

Of course, a product refers to any item that intends to satisfy the needs and wants of a target consumer. This can range from a tangible good, such as a device or a piece of clothing, or intangible, such as a service or experience. 

The internet is loaded with different products for different consumers, which is why it’s vital that marketers fully understand the product they are selling, how it meets the needs of their target customers, and what makes their product stand above the competition. 

Great marketing starts with a good product that solves a real problem and has clear benefits that you can message. A unique selling proposition will help it to stand out from the crowd. 

Price

The price is the value of it among the target audience. Crafting a pricing strategy is both an art and a science, in that it involves market data, careful calculations, as well as balancing consumer needs, financial limits, and underselling the brand. 

The price of a product is largely influenced by the time or effort the customer is willing to expend to acquire it. If the product is priced too high, it will isolate the target market. Too low and you run the risk of damaging the brand. Price and product work together. As the marketer, you need to understand what will sell in the market and for what price.

Place

The place is a category commonly overlooked by marketers. It refers to providing customers access to the product, and it also calls into play convenience for the customer. Marketing is all about putting the right product in the right place at the right time – and in front of the right customer. 

In order to place your product in the right space, you will need to assess where your target customers shop, how they shop, and then structure your marketing around these needs.

Promotion

Now you need to make the audience aware of the product. Promotion refers primarily to marketing communications, such as advertising, direct marketing, digital marketing, sales promotions, and more. With the rise of digital marketing strategies, brands are able to promote products easier, more effectively, and with more personalization than before. 

Consider these four P’s to better understand how you can reach more customers and increase your profits. 

Want to know more? Contact the great team at Stratosphere on how we can help you make your agency dominate the web through the latest digital marketing techniques. Call us on (818) 338-6700 to get started today.
 

Marketing

 Neha Phillip

Neha Phillip

Neha is an Account Manager at Stratosphere, directly interfacing with clients to manage their marketing, SEO strategies and digital content. Neha’s extrovert personality, qualification in entrepreneurial business, thirst for knowledge and values align perfectly with her role. Apart from being an aviator and animal lover, Neha likes to read, play sports, paint and create memories with her boyfriend and two cats.Facebook

Leave a Reply

Your email address will not be published. Required fields are marked *