Module 8: Understanding the 4 P’s of Marketing

The goal of marketing is to put the right product in front of the right people at the right time and in the right place. This is a simple explanation of something that’s actually extremely complex. But through this phrase, we can extrapolate the 4 P’s of marketing.

The 4 P’s are Product, Price, Place, and Promotion. We can use the 4 Ps to take a marketing objective and create an actual roadmap of concrete tactics which, once implemented, will help you to attain your business goals.

Understanding How the Four P's of Marketing Work

The 4 P's of Marketing: Product

This is the offering you make to your market, which can be a product or service.

Your marketing plan considers the features and benefits for the customers, not how the service is delivered or other details.

Your concern here is how your market sees the service.

You should also be concerned with how the service relates to your unique value proposition.

The 4 P's of Marketing: Price

Here you consider pricing strategy, which includes price range, high versus low price, payment plans, pricing options, and so on.

In a marketing plan, you’re not thinking about cost.

What you’re concerned with here is the perceived value of the service by your market and how much your customers are willing to pay.

The 4 P's of Marketing: Place

As the word suggests, place refers to where you’ll ‘place’ your services so that your customers can easily find them whenever they want them.

Places include brick and mortar offices, affiliate partners, social media profiles, websites, and so on.

The 4 P's of Marketing: Promotion

Promotion includes the promotional tactics you will use to spread awareness in your market of your services.

Promotion involves emphasizing benefits and influencing customers to buy from you. It includes advertising, social media campaigns, live events, free seminars, press releases, and anything else that garners exposure.

Later in the report, we’ll go through each of these 4 P’s with questions you can ask yourself in order to most effectively define each.

From your answers to these questions, you can formulate concrete marketing tactics. We’ll also look at a few examples of each P from major brands that have extrapolated tactics from them.