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How to Apply the Four P’s of Marketing

Marketing is a necessity in business. Without marketing, your products or services will never reach the end user. However, there are a great number of small to mid-sized business owners that know very little about marketing. They don’t start their business because they are great marketers, but because they are excellent at their skill or provide a superior product.
Marketing Basics

For those of us that are not marketing majors, or even minors, we will briefly go over some marketing fundamentals. Much marketing know-how is common sense. It requires the seller to view the product or services from the perspective of the yet to be captured client.

Let’s bring down to the simplest form possible: supply and demand. You can have an exceptional supply of product, but if no one knows it exists there will be no demand. No demand equals no sales, and therefore business failure. To bridge the gap between supply and demand, there must be quality marketing.

This all sounds very basic and easy to grasp. The missing bit of information here is: what makes marketing quality? To adequately answer this question, we must visit the four P’s of marketing.
The Four P’s of Marketing

• Product
• Price
• Place
• Promotion

When these four subjects are assessed and focused around the targeted customer, recognizable value is built and a positive response occurs.
Product

The product can be an actual physical product or a service. Every aspect of the product must be designed around the needs and desires of the customers. This means it must appeal to the eye, serve a distinct purpose, be safe and adequately supported after the sale.
Price

Pricing must be carefully studied. Depending upon the product, the marketer will need to consider whether seasonal pricing and promotions are adviseable. The pricing of the competition must be analyzed and a decision must be made as to whether undercutting is profitable, as well as what margins are acceptable.
Place

Another word for place is distribution. This is where you must decide the best method to deliver your product to the end user. Is it an electronic product that can be delivered via the internet? Will you give volume discounts? What are the best methods for order processing and transportation? All this must be considered.
Promotion

Once all of the other subjects have been decided and put in place it is time to spend some serious time on promotion. This is, again, where the supply without demand concept comes into play. So, what is the best method to promote your product?

You can choose from personal sales, television and radio advertising, direct mailing, and a number of other media. In reality, combining multiple methods is almost always your best bet. The one item that you will always want to include in your marketing campaign is at least one specialty promotional item. In whatever method you put your business before a potential client, back it up with a useful gift that will display your company’s contact information for years to come. Whether the item is promised upon a visit or mailed directly, this is one method of advertising that keeps on giving. Visit www.redfishmarketing.com.au to find the best specialty promotional items available.

Author Bio:

Red Fish Marketing is a Sydney based company established in 2006 and is 100% Australian-owned. We specialise in providing creative promotional product solutions to an impressive list of local and global based clients. We understand that your brand is an asset; your aims, products, services and processes are unique; so your promotional ideas should be too. That’s why at Red Fish we always add value and passion to whatever we do.

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