When putting together your marketing plan, it’s a good idea to go back to basics. Revisit the 4 Ps of the Marketing Mix, and ensure you refer to them when outlining your strategy. The 4 Ps stand for product, price, place, and promotion. To meet the needs of your customers, you will need to consider each carefully. Each should be afforded equal weight. No aspect is more important than another.Product
Your product may be a tactile item that you’re selling to an end user. Or, it could refer to a service that you’re selling. There are many aspects of your product that you need to consider. E.g.
- Product Features
- The way in the which the product fulfills the customer’s needs
- Branding and design
- Unique Selling Point (USP)
When a new product or service is launched, given the right environment, sales are expected to increase. This should continue until they reach a saturation point. This is part of the product’s life cycle. A good awareness of this is essential if you are to maximize your sales. Strategies will be required to ensure the product maximizes its potential at each stage.
For service business such as restaurants, bars, and hotels, etc., the product is the service that is being provided. You could argue then that the design of these spaces is also part of the product. Though some may argue that this comes under place. For service business such as restaurants, bars, and hotels, etc., the product is the service that is being provided. You could argue then that the design of these spaces is also part of the product. Though some may argue that this comes under place. A design company such as deBretton Commercial Design, can help with the fit out. It is vital that the design reflects the needs and expectations of the client’s customerPrice
There are many factors to take into consideration when determining the price of a product or service. First, you must consider the costs involved to manufacture and promote that product. You must also consider the customer group carefully. If you’re selling a high-end product, then customers will expect to pay a higher price. However, it is also important to carry out significant market analysis. What other similar products and services are available? Who are they marketed at? What is their price? If you’re selling online, you also need to take into account shipping costs.Place
Place refers to where the product is sold. This could include:
- Bricks and mortar shop
- Third party shop
- Mail Order
In many cases, it will involve several of these.
As with all aspects of the Marketing Mix, the sales channel must be relevant to the end user. There’s no point in selling via a retail outlet in an area that is irrelevant to your customer.
To reach their full potential, businesses must have a sturdy plan to promote their products and services. The term ‘promotion’ is often used interchangeably with advertising. Though advertising is part of promotion, it is only one area. Promotion includes:
- Special Offers
- Public Relations (PR)
- Direct Marketing
- Face-to-Face Selling
- Online Marketing such as Pay Per Click (PPC)
- Social Media
- Email Marketing
To ensure your product or service is successful, it is likely that you will adopt a mixture of promotional tools.
The next time you review your marketing strategy, consider the Marketing Mix. Monitor and measure everything carefully and look for areas where improvement.