The most simplistic way to describe marketing is “placing the correct product in the correct place, at the right time”. As per usual the simplest ideas turn into the most complicated! Not to fret, marketers have been researching for years how to simplify this process, and have come up with: Marketing Mix or the Four P’s.
The four P’s are: Product, Price, Place and Promotion. These are interdependent variables that help achieve marketing targets. These variables are flexible and fluid they change according to marketing conditions and consumer wants and needs. They need constant monitoring by the Marketing Manager, and should at all times have the customer as the focal point.
In order to identify them you must understand fully what each variable entails:
Product: A tangible good or an intangible service.
Price: The value of this tangible or intangible service.
Promotion: The channels where you communicate to the consumer, i.e. advertising, public relations, social media marketing, email marketing, search engine marketing, video marketing, etc.
Place: Location of the customer journey.
Now let’s take a look at some questions to consider when it comes to defining the strategy around the four P’s:
What do consumers want from your product, how does it differ from others?
How does your product answer the consumer’s needs?
Where do your potential buyers spend their time?
How do they value your product?
How do you already interact with potential customers?
Do not shy away from “why” questions or “what if” situations this will help your analysis, and also know that this process will be constant and the consumer anf their preferences change regularly in this highly competitive globalized market.