Module 8: Understanding 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.
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.
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.
Places include brick and mortar offices, affiliate partners, social media profiles, websites, and so on.
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.