What Are the Four Ps of Marketing?
Understanding what are the four Ps of marketing is important to your marketing success. The phrase “marketing combination” is actually a historical foundation model for companies, historically focused around price, product, location, and promotions. The marketing combination was derived from advertising executive Milton Erickson’s ideas on how to make selling effective. Below are the four Ps of marketing you should embrace to get the most out of your marketing dollars.
Positioning is one of the most important parts of creating a successful product in front of a hungry crowd. You want your product in front of your audience as soon as possible. The best way to do this is to take advantage of the existing demand for the product in your industry. Do not fill a niche with an unrelated product. Try to position yourself, in the market, between the two products. If they have nothing to choose from, they will be more likely to make a decision to buy what you have to offer.
The next thing on the list of what are the four Ps of marketing is sales. As a marketing professional, you know that a solid customer base is crucial for long-term success. You want to be able to turn prospective customers into paying customers. This requires you to build a relationship with your customer before promising anything. A good way to do this is through direct mail and telephone sales techniques.
After you have the market that you need to sell to, you need a good product to deliver. In order to do this, it is important that you create an excellent presentation. Remember to make your pitch as personalized as possible. Explain what you can do for them and how your service or product can help them. You can also include testimonials from other customers so they can see how well your service or product does what it promises.
Another important part of what are the four Ps of marketing is planning. It is important that you plan where you will be marketing next, when you will be doing it, and how you will do it. You have to have an idea of who your target market is, what your competitors are offering, how much you are going to charge, and when you expect your sales to peak. Your marketing plan should have all of these details.
Understanding what are the four Ps of marketing will take you a long way into your business. Without it, you may find yourself struggling. While there are many forms of advertising out there, none can compare to the power of word of mouth. Take the time to learn about the true power of marketing so you can use it to bring in the customers and profits you need.