A marketing plan isn’t a marketing plan without a marketing mix. But why? Simple! It’s one of the most important parts of marketing and therefor essential. And working with the 4Ps provide a detailed and practical plan. So what do the four most important Ps stand for? Here’s your quick reminder in a nutshell!
Which product or service do you offer and what is its added value for existing products, services and the associated problems? In other words ‘What solution do you offer’? Answer that question for yourself et voilà there’s your P1. Tip: split P1 into the following terms get to your answer faster.
A concrete description of the functional and aesthetic characteristics of the product.
The physical product in combination with additional properties such as brand name, but also packaging and service and warranty conditions.
The extensive product with added emotional, instrumental and expressive properties or consumer values.
As is known a marketing plan is based on the marketing mix, but the success of your company depends on the price of your product. However, setting a price is difficult. A too high price is killing, but too low too. How’s that? If the price is too high the competition has free rein, but with too low pricing you will cut yourself in the long run. So find a golden middle ground by looking at your environment and the circumstances.
Note: P2 is easily adjustable through a discount action, but check in advance what you want to achieve with it since a fixed price compared to (regular) discounts and a variable price also attracts a different target audience.
The location as well as the distribution channel where the product is available forms P3. Think about the place since it determines the market. The distribution channel can be divided into direct distribution and indirect distribution. Distribution department means ‘From supplier to end user’ and includes for example web shops. Indirect distribution is a link between delivery from manufacturer to customer and this includes for example wholesalers.
Promotion is the communication between a company and its customers and the obvious goal is to sell. But how to promote? The first difference is made between offline and/or online advertising. One of the most accessible and simple ways is to advertise through Social Media. But also sending newsletters and network meetings are covered by promotion and can increase brand awareness.
Ps. There are now many more Ps, but the above four Ps are the well-known most important.
Do you want to reach your prospects in the most efficient way and bring your product or service to their attention? Movements Marketing likes to help you progress through lead generation. Call or e-mail us and let’s see what’s possible!