The 4 P’s of Marketing
The 4 p’s of marketing, you may have heard of it but what exactly is it? It is an important piece to any marketing plan. Even if you are not marketing a large company or product, it is still important. In fact, it is most important for small businesses. Learn everything you need to know about the 4 p’s of marketing, apply them to your marketing plan, and watch your business grow.
The 1st P of Marketing – Product
The first p of marketing is product. The product is what you sell. It could be a physical product like clothing or electronics, a service like construction, or an experience like a concert of a theme park adventure. With this P, you need identify how your product stands out. What makes it different? How is it better than the competition? Focus on the differences you identify and promote them to your customers.
The 2nd P of Marketing – Price
The second p is simple. The price is how much you sell your product for. Coming up with the right price can be challenging. You want to find a price that produces sales and allows you to make the most profit. Check out these tips on how to pick the right price for your products.
The 3rd P of Marketing – Place
The third p of marketing is place. Your business should be at a place that is convenient for your customers. If it is not convenient for customers to come to you, you need to go to them. Creating an online sales channel is a great way to reach customers and typically depends on what type of products you are selling.
The 4th P of Marketing – Promotion
The fourth and final p of marketing is promotion. When you have command of the first 3 p’s, it is time to promote your business. Get your brand out there and begin generating sales.
Now that you know the 4 p’s of marketing and how to apply them, read our blog on marketing strategies to avoid.