what are the 4P’s of marketing?
This article provides a basic introduction to the 4p’s of marketing, and why they are important for small business owners to consider when helping to develop their marketing strategy.
What are the 4P’s of marketing and are they important?
The 4P’s of marketing is the simple and easily recognisable term for Product, Price, Place and Promotion. These are considered the four basic factors of the marketing mix. Ideally, each one of the 4P’s of marketing is considered suitably for any small business marketing strategy to increase the chances of success. The 4P’s of marketing are:
Product
The first P is Product. Questions every small business owner can ask themselves include what is our product and how can it be defined? What are the product characteristics? What is the lifecycle of our product?
Price
The second P is Price. Price defines how much the products costs. When it comes to price, small business owners need to take into consideration the supply and logistics costs, competitor pricing models, industry supply and demand, discounts, seasonal sales changes, and overall perceived value.
Place
The third P is Place, and outlines where the product is available. Small business owners need to consider how and where the product is it to be sold? Does it need to be stored? Does the product need to be displayed to be purchased? How will the product find ideal position in front of the customers? Where is suitable and where is unsuitable for the product to be, depending on brand objectives and target audience?
Promotion
The fourth and final P is Promotion. Promotion is the term used to explain how the product is advertised and presented to the desired audience. How can the product be introduced to the customer in the most effective and successful manner?
How can the 4P’s help your small business marketing strategy?
Small business owners can use of the 4P’s of marketing to help improve their overall marketing strategy. It provides a very simple and easy to use framework to help analyse and reflect on the various strengths and weaknesses of the product within its competitive market to ensure optimum success.
How we can help with your small business marketing strategy
We hope this article was helpful. If you are small business in the UK and are looking for help with your marketing strategy, you can read more about us or simply contact our team to discuss your marketing requirements in more detail.