Throughout your marketing career, you may have heard of the “4 Ps of Marketing” before. They are:
Product, Price, Place, + Promotion
The idea is to use the Ps as a way to design marketing plans to fit the dynamic social timing and target market. It very much follows the “right place, right time idea.” Since it’s been around since the 1960s, that idea hasn’t changed too much. Now we just have a lot more control as marketers on the timing and placement.
The 4 Ps form a dynamic relationship with each part being equally important in crafting a strategic marketing plan.
- Product – The product is the good or service being marketed to the target audience. Consider your target audience and their unique needs.
- Price – Price (duh) is the cost of a product or service. Pick a price that is simultaneously accessible to the target market and meets a business’s goals. Research what competitors charge and what your target audience wants to pay.
- Place – Place has to do with your distribution channels. Finding the right place to market and sell your product all relies on your target audience.
- Promotion – Promotion is how you advertise your product or service. This is where timing and methods come to play.
Other Marketing Mixes to Consider:
- The 5 Ps – Product, price, place, promotion, + people. So now there’s an added focus on customer behavior and experience.
- The 7 Ps – Product, price, place, promotion, people, processes, + physical evidence. This is another variation with customers added to the mix but also with a retail experience focus.
- The 5 Cs – Customer, company, competition, collaborators, + climate. This has an emphasis on external factors, such as possible outside collaborations and competitive research.
Wanna learn more about making marketing plans based on audiences and timing, check out the full post on Coursera (and maybe even take a few courses).