Categorized | Affiliate Marketing

The Four Ps – A Core Component of Marketing

There is a vast expanse of marketing knowledge available to those who seek it. SWOT analyses, product differentiation, mission statements – the list of marketing elements is nearly endless. However, one aspect of marketing shapes the relationships between the business and the customer the most, and can have a profound impact on the success or failure of a business. This aspect of marketing is known as the marketing mix, or the “four Ps”. Properly understanding the four Ps is the key to understanding marketing as a whole. The four parts of the marketing mix are as follows.

Product Strategy: The marketing mix must start out with a product, because the other steps cannot be done without a product to market. The product consists of the physical product and everything else associated with it, such as customer service, brand image, packaging, warranty, etc. A product does not have to be a physical good; products also include services and other intangibles.

Place Strategy: Place strategies take the product and determine how best to provide the product to its intended market. The place strategy also deals with the physical process of getting the product to its market. Place strategies ensure that customers will be able to access the product when they need it the most.

Promotion Strategy: The promotion strategy is just what is sounds like – how the product is promoted to consumers. Aspects of promotion are personal selling, sales promotion, public relations between the company and the general populace, and advertising of the product. The goal of promotion is to facilitate transactions that satisfy both the consumer and the producer of a product. Essentially, promotion does this by making a target market more aware of the product in question.

Pricing Strategy: Pricing strategies are the most flexible of the four, because it usually doesn’t take much time to change a price. Choosing a price can have a large impact on whether or not the product will be accepted by the market.

Once you have mastered the concepts presented in the four Ps, the rest of marketing should be pretty simple.

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