All we need to do with Marketing is putting the right product in the right place, at the right price, at the right time. It is not as easy enough proposition as it sounds, in comparison it is a lot of hard work and research in order to set up this simple need.
Understanding the Marketing Mix Concept – Four Ps Model Explained
The four P’s help you meet the needs or demands of specific customer segmentation. You already have or have created the product of a particular group of people you want, you choose a place where it is most likely for people to visit it and of course you should price it according to what matches the value they feel they get out of it. The hard work comes on the searching on finding out what customers want, and identifying the place where they like doing their shopping. Additionally, you need to price it in a representative value to them and crucially, promote it in the best possible time.
The Product
The first of the 4 Ps of digital marketing is of course product. A product doesn’t have to be a tangible good. It can also be an intangible service that serves a need or want of prospect customers. Regardless of what you are selling though, be it custom pallets and wood products or luxury accommodation, it’s pivotal you have a clear image of exactly what your product is and why it is unique in order to you can successfully market it.
The Price
Once you have formed a concrete understanding of your product offering, you can start making pricing decisions. These price decisions will most definitely impact your profit margins, the supply, the demand and your overall marketing strategy. Similarly, various brands and products may require different positioning based on their different price points. Price elasticity considerations may be a key influencer to our next two Ps.
The Place
Oftentimes you may hear digital marketers say “marketing is about putting the right product, at the right price, at the right place, at the right time.” It’s then apparent that it becomes crucial, to then evaluate what the perfect locations are to convert prospect customers into buying clients. Today, even in scenarios where the physical transaction doesn’t happen online, the first place prospect clients are engaged and even converted is indeed online.
The Promotion
You’ve got a product, a price and you know where you need to advertise so now it’s time to promote. Promoting looks at the many ways marketing agencies categorize relevant product info to prospects and differentiate a particular product or service.
“Promotion includes elements like: advertising, public relations, social media marketing, email marketing, search engine marketing, video marketing and more. Each touch point must be supported by a well positioned brand to truly maximize return on investment.”
Hope you found this information interesting. Thank you for tuning in!
