Understanding the 4 P’s of Marketing

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Marketing plans ensure you’ve put a systematic approach in place to develop your business products and services. To gain success, you must be clear about your objectives and how you’ll go about achieving them. A good marketing plan will set clear, realistic, and most importantly measurable objectives.

At the heart of marketing, there are specific principles to cover in/with all creative visuals and messaging. The 4 P’s of Marketing are essential to define when you begin to advertise your products and/or services.

Product

The first P is crucial to create a marketing plan. Products and services are the base of what your business sells to their audience(s). Products are tangible items that consumers can purchase from businesses or even receive digitally from an ecommerce sale. A service indicates a physical activity performed to meet a need or solve a problem. Both of these items classify as purchasable items for consumers.

Price

Setting a price is essential to make sure your business impacts its profits margins, supply, and demand. This decision is completely up to the business and how it will affect their aforementioned items and marketing strategy. This also helps with the next two steps to ensure your marketing plan will work and bring conversions as goals accomplished.

”The right product, at the right price, at the right time.”

Promotion

This is where businesses and digital marketing agencies gain creative freedom. Enlisting help from digital marketing agencies allows a plethora of ideas to flow and become reality. As audiences’ attention spans become shorter every day, creating a plan to grab their attention should stand as the main goal. Implementing social, digital, and email campaigns, along with content marketing are some of the many ideas to use to persuade your audience into buying your products and services.

Download our 4 P’s of Marketing Worksheet to start implementing the 4 P’s into your business’ marketing!

Place

Lastly, the fourth P, place, represents where your business will sell or promote its products or services. Storefronts, pop-up shops, warehouses, retailers, or simply online are all possible options for businesses to get their products and services to their audience. Ideally, businesses want to strategize on the best location for their audience to reach as many conversions and goals possible.

Bonus P: Passion

One of TM‘s values is passion. As a web development and digital marketing agency, we invoke conviction and enthusiasm within the work we create for our clients. We look at each project as a blank canvas with endless possibilities. Our entire team values what we do and take pride in our creativity. Including this P in with the others help us make this marketing plan come full circle for clients.

It’s important for marketing agencies and departments to realize there are a lot of factors that can impact the life cycle of a sale for their audience/consumers. Including other P’s, such as people, persuasive, personality, persistence,  and many others, can constantly improve your sales cycles and increase their knowledge about their audience.

Are You Ready to Begin Marketing?

TM‘s dedicated marketing team can assist in making your product or service(s) shine to your audience. If you would like to chat with someone on our team first, contact TM.

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