4P Marketing Strategy
Each specific marketing program possesses its own degree of great profit potential.
Those with the highest potential are those that will prove great assets to your business and therefore ensure its growth and development.
To be able to decipher which will benefit your company the most you must understand that it is necessary to consider the 4 P’s of marketing namely: price, product, promotion and place (distribution). These are the key elements to ensure that you reach and attract the interest of your target audience.
There are various ways in which to incorporate the 4 P’s in your business plan. Initially it is best to evaluate the successes of other companies in the same field of interest. This will save you time and money on initiating a particular plan or strategy that has been a sure failure by another company. Proven tactics or techniques may also be adapted from this practice. This may also be applicable to the other aspects of the marketing strategy. When products are concerned you may apply certain changes or alterations based on the implementations made by companies that own similar products or services.
The main goal of this marketing strategy (also know as the Marketing Mix Model) is to attract the specified target audience. This is achieved by providing an attractive product that will prove useful or beneficial. The method is used to facilitate an interest in the target audience and therefore generate the optimal response that will prove beneficial to the survival of the product and company. These aspects may also be readily adjustable or altered to suit the changing needs of today’s population.
The product should provide the functionality that is promised to the customer. This may be either the physical product or its corresponding services. This must therefore include the quality, attractive appearance, packaging, brand, services and accessories, repairs and support and of course the warranty. This will provide the customer with an ensured credibility by the product and therefore the company.
The price is also determined by the credibility of the product and therefore the overall quality expected from it by the customer. It must therefore be based upon how much the customer is willing to pay for it. This is inclusive of the list prices or suggested retail price, volume discounts, early payment discounts and wholesale pricing, financing, leasing options and the allowances.
The place is synonymous to the distribution area of the product. This includes not only the area but the amount or quantity of the product that is available to it. The location is very important in determining the popularity of the product at that moment in time which goes hand in hand with the warehousing, logistics, inventory management, channel members, channel motivation, market coverage either selective or exclusive, service levels, order processing, reverse logistics, transportation and internet and mobile.
Promotion or advertising is how the target audience is alerted or informed regarding the existence of the organization and its corresponding products. This is the background of the buying and selling process and the key aspect in the marketing process. Public relations are therefore very important in assessing to promotion and this is inclusive of sending the message, direct sales, sales promotions, and the media or marketing communications budget.
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