The Four P's of Marketing
May 30th 2008 23:57
An idea that you need to be exposed to in formal terms is The Four P’s of Marketing. This is a way for you to deal with your attempts to transverse the market, hence the term “marketing”.
Product: What do you make or do? Goods and services are the foundation to the economy.
Price: What do you charge and why? Are you a low cost leader, or loss leader, or high end specialty? What is your Price Elasticity of your product? Are you maximizing revenue at this price point?
Place: Where do you sell your product, make your product, store your product, and show your product? Supply chain and distribution chain is a big deal.
Promotion: What are you doing to get your product out their so people will see it and want it, then believe they need it? The idea of “turning wants to needs” is a little advanced for this post but it is good for you to see it now. Are you advertising, or sponsoring events? B2B (Business to Business) marketing is part of this. Are you a B2B, B2C (Business to Customer) or B2G (Business to Government)?
Barnum was a master at Promotion, look him up!
This idea of the Four Ps of Marketing is elementary, yet I know many business people who do not understand this fundamental way of viewing marketing and miss opportunities left and right!
Product: What do you make or do? Goods and services are the foundation to the economy.
Price: What do you charge and why? Are you a low cost leader, or loss leader, or high end specialty? What is your Price Elasticity of your product? Are you maximizing revenue at this price point?
Place: Where do you sell your product, make your product, store your product, and show your product? Supply chain and distribution chain is a big deal.
Promotion: What are you doing to get your product out their so people will see it and want it, then believe they need it? The idea of “turning wants to needs” is a little advanced for this post but it is good for you to see it now. Are you advertising, or sponsoring events? B2B (Business to Business) marketing is part of this. Are you a B2B, B2C (Business to Customer) or B2G (Business to Government)?
Barnum was a master at Promotion, look him up!
P. T. Barnum
This idea of the Four Ps of Marketing is elementary, yet I know many business people who do not understand this fundamental way of viewing marketing and miss opportunities left and right!
PT Barnum Greatest Show on Earth
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