In the 1960s, Jerome McCarthy came up with the 4 Ps of marketing: product, price, place, promotion.
Mike Dastic Essentially, these 4 Ps explain how marketing interacts with each stage of the business.
Product
Let’s say you come up with an idea for a product that you want your business to sell. Whats Next? You will probably not be successful if you start selling it.
Michael Dastic Instead, you need your marketing team to conduct market research and answer a few critical questions: Who is your target audience? Is there a suitable market for this product? What messages will increase product sales and on what platforms?
Price
Your marketing team will check the prices of competing products, or use focus groups and surveys, to estimate how much your ideal customer is willing to pay. Set it too high and you lose a solid customer base. Price it too low and you could lose more money than you make. Fortunately, marketers can use industry research and consumer analysis to gauge a good price range.
Place
Mike Dastic It is critical that your marketing department uses its understanding and analysis of your company’s consumers to offer suggestions on how and where to sell your product. Perhaps they believe that an e-commerce site works better than a retail store, or vice versa. Or, perhaps they can offer information on which locations would be most viable to sell your product, both domestically and internationally.
Promotion
This P is likely what you expected all along – Promotion involves any online or print ad, event, or discount that your marketing team creates to increase awareness and interest in your product and ultimately drive more sales. . During this stage, you will likely see methods such as public relations campaigns, advertisements, or social media promotions.
Mike Dastic 