4 P’s of Marketing by Bobette Kyle
There is no shortage of marketing programs, many with great profit potential. The challenge is to sift through and choose the ones that are right for your situation ? the ones that have the greatest potential to grow your business.
One key to knowing which marketing programs to choose involves thoroughly understanding how to leverage the 4 Ps of marketing ? price, product, promotion, and place ? to reach and appeal to your target audience(s). When you have addressed these strategic issues, you are better able to choose marketing programs with the most potential to increase your business.
Ps of Marketing – Price, Product, Place, and Promotion
Too often, we focus on “promotion” to the detriment of other Ps in the marketing mix. When choosing programs for your marketing plan, consider each of the marketing 4 Ps ? price, product, place (distribution), and promotion. You are likely to find the results much better than if you include promotions alone.
The opportunities for incorporating all 4 Ps into your plan are numerous. You may find after studying the competition that increasing or decreasing your price is likely to result in better profits for your business, for example. Perhaps there is a distribution channel, such as electronic delivery or mail order, you haven’t fully integrated into your business. With respect to products, developing a new product or giving an existing product a facelift are examples of business-building programs.
Target Your Audience Using Marketing’s 4 Ps
You probably have several potential target customer groups. Choose which to focus on by considering the 4 Ps. Which audience will you be able to offer an attractive product to while also charging a competitive price and earning acceptable margins? Will one audience respond better to promotions? Are you able to reach some more easily with existing distribution channels than others?
By answering these and other questions related to the 4 Ps you will be better able to make marketing decisions and choose effective programs for your marketing plan.