The Four P’s divide the different attributes of successful marketing in to categories. The one has a part to play in the delivery of a service or product to the eventual customer.
The Four P’s, also known as the Marketing Mix consist of the following:
Price
Price is focus on the cost to the customer of choosing to buy your offering as opposed to someone else’s.
Price is generally an important factor considered by buyers who when viewing two identical products, would in most situations opt for the cheaper one.
For some products and services there might be multiple tiers of costs. For example, there may be an initial cost of acquisition and then further service charges and maintenance costs which customers would consider.
Price therefore encompasses all costs of both immediate and ongoing.
The cost of a product is not the only factor in purchasing decisions as quality, service and other factors are also determinants.
Product
Product includes the features and benefits of the offering in question, including the manner it is packaged, what it looks like and further extras such as guarantees and warranties.
Many of the factors which are part of the Product category could be intangible and may have perceived rather than actual benefits. The fact that they might not be actual advantages is largely unimportant, whilst their existence in the mind of potential purchasers is.
Place
Buyers will consider the ease of obtaining the product or service once the decision to purchase has been made.
Long lead times or inconvenient delivery schedules can put customers off and result in them selecting a more expensive product which is available now and at their convenience.
Businesses should consider customer’s expectations and the industry norm when looking at where and when their products will be available.
Bettering current accepted norms for delivery might enable the business to excel in its appeal to customers. Consider internet downloads where possible or delivery of places of work where appropriate in order to maximise the whole package of what is being sold.
Promotion
Promotion is essentially the means used to reach intended customers. Imagination and creativity can result in a business’ products or information about them being displayed in places which other competitors are not.
Internet advertising is gradually replacing more traditional form of promotion and certain websites might provide a business with an immediate and predefined audience.
By viewing each element of the marketing mix and relating them to the business’ products and services, the enterprise can seek to prepare a comprehensive and effective promotion strategy.
