The word product here is used as a matter of convenience, but in this case, refers to both products and services. The belief that potential consumers want or need your product or service is paramount to your marketing strategy. All products and services follow a natural life cycle in your customers buying behavior and it is vital to understand where your product or service falls in this process. The potential benefits and features of the product or service need to be explained in a clear and concise manner. Consider drafting a USP for each of your major products or services. (link to how to write a usp article)
Price can affect the marketability of your product or service in many ways. First, there will always be the bargain shoppers, looking for the best possible deal on a product or service. On the opposite end of the spectrum, we have the prestige buyers, to them the high price of a product or service gives them this sense of prestige. Then of course, there are the value buyers, those who are looking for a balance of quality and price. Knowing your target market and your competition can be key to determining your pricing structure.
Promotion in this case refers to all of your marketing and communication efforts, not necessarily a particular promotion like Buy One Get One Free. This may include sales promotions, traditional and digital advertising, location, signage etc. Reaching your core audience takes both an idea of your product or service’s placement as well consumer needs. A mix of inbound and outbound advertising is important.
Place refers to how the product or service will ultimately be provided to the customer. This could be a physical brick and mortar location, a mobile operation, your website, online retailers etc. The ease of access to your product or service is a crucial component of your marketing strategy – so call, click or stop by today!