The Four P's of Marketing

Getting Started... In my experience, often entrepreneurs and small business owners neglect to consider marketing early enough in the process of idea conception or product / service development. The marketability of a product or service offer is vital to the marketing and promotional success. Full stop.

I have also experienced a misunderstanding that if promotion isn’t resulting in sales, then the marketing is not working or it is a failed initiative. It is with these scenarios in mind that I remind you of the Four P’s of marketing. Promotion being just one of them. It is also extremely important to address the other factors: the Product, Price and Place. Marketing is an important function and feeds into the development of your product, the price decision and places it is sold or featured.

It is important to differentiate between marketing and promotion. Promotion is just the communication aspect of the entire marketing function.

Often when you are mapping out a business idea or putting that business plan in place you're aware of whether there is a 'market' out there for you. I've found there are natural next steps that many new business owners are too busy to take or don't realise are pretty important in the business development process. When you value marketing as a preliminary function in the mapping out, starting up and development of your business products or service, you'll reap the benefits with a solid, totally marketable and connected concept.

With this in mind, I have created a new 'check-in' consultancy service, something quick and simple and affordable for those who are working on their new business idea, are in development or who are established and looking to expand their product or service portfolio. Something light but informative - and very helpful, if I do say so myself.

Also, a quick note here. Sometimes nothing changes, you have one almighty product or service and that's you. These are the fun challenging ones. Trust me, you can still continue to promote and invent with some creativity and imagination. If you are interested in my thoughts and advice get in touch, otherwise I'll leave you with a little reminder (paraphrased from cleverism.com)...

Marketing is simplistically defined as 'putting the right product in the right place, at the right price, at the right time'. The use of a marketing mix is a great way to help ensure this will happen. It's a crucial tool to help understand what the product or service can offer and how to plan for a successful product offering. The marketing mix is most commonly executed through the 4 P's of marketing... Price, Product, Promotion and Place.

Product is either a tangible good or an intangible service that is seen to meet a specific need or demand.

All products follow a logical product cycle and it is vital for marketeers to understand and plan for the various stages and their unique challenges. The price covers the actual amount the end user is expected to pay for a product. How a product is priced will directly affect how it sells.  

This is linked to what the perceived value of the product is to the customer rather than an objective costing of the product on offer.

Promotion! The marketing communication strategies and techniques all fall under the promotion heading. Whatever the channel used, it is necessary for it to be suitable for the product, the price and the end user it is being marketed to. Place or placement has to do with how the product will be provided to the customer.

Distribution is a key element of placement. The placement strategy will help assess what channel is the most suited to a product.

So remember, regardless of whether you are developing the first ideas and concepts of a business service or product - or you are looking at scaling and growing your current offering it is helpful to OBJECTIVELY work through the Four P's from the view of the customer, the product, the price, the place of distribution and THEN the promotion.

Any questions or comments please do email me at: Sam@lifeandme.com