The four Ps of marketing (price, product, promotion, and positioning) are tools used to gain an edge in the market. Each variable can be controlled by the company to maximize product potential and gain a competitive place in the market. The quality of the product, promotion, pricing, and positioning are all important factors to consider.
The four Ps of marketing, or as they are sometimes called, the marketing mix, are a set of tools used to gain an edge in the market. A company cannot physically make a customer spend money, but they can put the four PSs in place to maximize product potential. The four Ps are a combination of price, product, promotion and positioning.
In order to maximize the potential of a product, these four variables can be controlled by the company. There are other variables that cannot be controlled by the firm, such as employment factors and firm competitors, but the four DPs can be controlled to gain a competitive place in the market. Each of the four PSs must be broken down by the company and analyzed before the product is placed on the market. Each of the four Ps is considered equally important as the others. They are interdependent in making a product or company a success.
Each of the four Ps has unique factors to consider. The primary consideration associated with the product variable is the actual goods or service to be sold for money. The company must consider the quality of the product, its uniqueness on the market and the brand that will be used. Other product decisions include different variations of the product and available add-on products. Product packaging is another product variable.
Promotion variables are related to advertising. Promotion is very important when selling a product. It is a way to raise public awareness about the product and the company. There are many forms of media available to raise awareness, such as newspapers, television, trade shows, and the Internet. One of the most important aspects of promotion is placing a need for the product in the mind of the customer, whether the advertising is subliminal or face-to-face.
The price variable should be weighted from the producer’s end to the customer’s end price. Distribution must also be considered, and if the product is to be sold in stores then retailer markup will need to be considered. Other aspects, such as business competitor pricing and payment plans for merchandise, are also included in the pricing variable.
Positioning is another important aspect of the four Ps. Where and to whom you sell your product must also be considered. Who your target audience is and what market niche you are targeting should also be well thought out. The quality of the product will help determine who your target audience is and where the product ranks. There are many different distribution channels for a product and exact positioning is key.
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