Abide by the 4 P’s of marketing to ensure you are putting the right product (service) in the right place (market) at the right price at the right time.
- Product (Service)
- Price
- Place
- Promotion
Although some marketing decisions may come naturally, other decisions require a reliable resource to define consistent branding and develop a successful campaign. Each component of the marketing mix is equally as important as the next. Consider these questions pertaining to the 4 P’s before establishing your next campaign.
Product:
- What do your customers want?
- What are the features of your product that customers find desirable?
- How will the product/service be used?
- What does the product look like? Size, shape, color, etc.
- How will the product be branded? Campaign color scheme, font, overall feel/style, etc.
- How will your product differ from competition?
Place:
- Where will customers look for your product?
- Where do customers look for competitor’s product?
- How will your product get the most exposure/be the most accessible?
- In a retail store vs. e-commerce
- Convenience store vs. destination
- Strip mall vs. stand-alone store front
- What distribution channels will you utilize?
Price:
- What is the perceived value of the product?
- Has competition established price points?
- How sensitive is your target market to a slight increase/decrease in price?
Promotion:
- How to reach your defined target market?
- Where will your promotional campaigns receive the most exposure to the intended market?
- Timing – when is the best time to reach your target market?
- How can your campaign stand out from competition?
There are many other questions and important factors to consider in developing a well-rounded marketing campaign. Consulting a marketing firm can help to ensure an efficient and effective use of your marketing budget.
Tags: Marketing
