Pre Production: The 4 P’s of Marketing
Successfully marketing your product or service is an intricate function of your business. In whatever sector your product or service lies, marketing is a key element and involves a host of pre-planning, projections, persistence, and sometimes – prayer. Those aren’t the only 4 P’s that you will utilize in your marketing efforts. The most common 4P’s used in marketing are Product, Price, Place and Promotion.
These are a part of your business’ “Marketing Mix.” It’s the combination of the 4 P’s within your Marketing Mix that helps you determine your customer base – better known as your “target market.” Once you have defined your target market, you can then establish marketing strategies that will support your overall marketing objectives.
Product is the item or service that it being sold or offered to your customer. It is the reason your company exists. It’s important to understand your product – what it does, and its importance to your customer.
Price is all about establishing the value of your product in the market. Generally, the question, “What is it worth?” is answered. Knowing your market and the status of your product within that market can help establish and set pricing.
Place is specifically aimed at where the product is offered and where it’s sold. You need to know the most effective means of getting your product to your customer. Retail channels are popular and, if appropriate, have mass distribution. But marketing is also about targeting the right customer. Some products or services don’t always fit the chain store or retail mold. Don’t be afraid to venture into other marketing channels, such as the web. Do the research to ensure it works for you.
Promotion is the way businesses and marketers make their product desirable to their customer. It encourages and persuades the customer to purchase, often highlighting the particular features and benefits. Promotion almost always involves the advertising of the product or service in outlets that best serve that product. This includes the electronic media (TV and radio), print advertising, direct mail, and web-based advertising. Arguably, this is the most important “P” of the Marketing Mix because it’s quantifiable and relates directly to sales. Keep in mind that the promotion of your product or service will only be as successful as the development of your total marketing mix.
At PentaVision Communications, we pride ourselves on telling stories – your story, through video and digital media channels. As you develop your own Marketing Mix, take a moment to see if our video services will enhance your marketing message and support your overall marketing objective. In a DVD format or on the web, video marketing elevates your message and separates your product or service from your competition.
Looking at your Marketing Mix is a basic, but valuable tool in establishing your marketing efforts. This can also help set the tone for future efforts that align strategically with all of your company’s marketing dynamics.
For more information on the 4 P’s of marketing visit NetMBA Business Knowledge Center or the abbreviated version of the article at QuickMBA.
