You’ll sometimes hear business people talk about the 4 Ps, or the marketing mix. These 4 Ps are: Promotion, Product, Place and Price. Let’s look at each of these in a bit more detail.
The Right Promotion
You could have the best product at a great price, and be in the right place, but promotion is still necessary to give that final edge over the competition and drive enough sales to make a product profitable. Promotion can take many forms and will usually have a multi-pronged approach.
The Right Product
The product has to have the right features and benefits to appeal to the customer and meet their needs. If there simply isn’t a desire for that product then the best marketing in the world isn’t going to sell it.
The Right Place
Products have to be in the right place at the right time. A good example of this is umbrellas when it’s raining and ice creams when it’s very hot. If the product isn’t there when the customer feels the need for it, it won’t get sold.
The Right Price
The price needs to be right from two points of view – the customer’s and the seller’s. From the customer’s point of view, the price has to be low enough to be affordable, but not so low it gives the impression of poor quality. The seller has to choose a price that will attain the optimum balance between sales volume and profit margin.