4P'S OF MARKET

PRODUCT/SERVICE

What is it that you are selling? What is its quality? How will it be packaged? Or presented?

PRICE

This plays a critical role in marketing Strategy and there are three ways you can approach it:

Cost pricing means that you work out

What it costs you to do something and

Then add a bit for a profit you find out what you think the customer will pay

You discover what the competition is doing and find out the ’going rate’

PROMOTION

Products or services need the support of well-devised schemes of promotion. It is a good idea to plan how you will promote what you are selling with leaflets, advertisements online, in newspapers, etc. Don’t do it in a haphazard way but plan it over the year.

PLACE

This refers to where the product or service will be made available to the customer.

For some businesses this is more critical than for others but it is an important consideration as it directly influences the market you will be targeting. It is important that all the 4Ps complement each other. You must tailor what you plan to do, to the price you want to charge, and which you believe your chosen customers will pay. Also you should promote your product or services in areas where you can properly provide it to the people you believe will want it. There has to be a continuous process of marketing planning which involves attracting more customers (market penetration); or making additional uses for your product to attract new customers (market development); or improving the product or service (product development); or moving into different products/services and different markets (diversification).

EXCERPT FROM MARKETING AND PROMOTION