The 4 Ps of marketing are the four important pillars of marketing strategy that all marketing professionals should know. These are Promotion, Product, Place and Price. These 4 Ps play a major role in delivering the customer needs at the right time and the right place. Philip Kotler says, The most important thing is to predict where clients are going and stop right in front of them. Catering to the needs of customers refers to picking the right audience for the products or service that you have specifically selected so that products benefit the target audience exceptionally.
The most important thing is to predict where clients are going and stop right in front of them
As marketing refers to the promotion of products or service through advertising to create brand awareness, one should know the strategic influence that the product has on the market. Following the 4 Ps will help you become successful in marketing.
To achieve in marketing, you need to manage your marketing tasks and the performance of the employee. You can effectively manage these tasks with a goal management software that helps you not only set and track your goals, but also improves the performance of your organization.
Promotion
Promotion refers to advertising, sales marketing and promotional strategy, and public relations. Promotion connects with the other parts of marketing by making prospective customers aware of a product through digital and print channels. Promotion is targeted towards locations that the target audience is most likely to see. By tracking promotions conducted, you can measure the success of promotions and if they’re reaching their target audience as expected.
As media has evolved over time, promotion has moved beyond traditional avenues, such as print, radio and television and oriented towards online communities where user bases are in the millions. Promotion therefore increasingly relies on these relatively new mediums to not only solve the standard marketing challenges associated with putting the product in front of the intended audience, but also to attract the attention of these individuals in new and meaningful ways with specialized forms of content.
Place
Promotional strategy relies on gathering data concerning where your targeted audience is located as well as focusing on developing the most optimal ads to interact with these potential customers. This means finding the right promotional avenue. Finding the right place to put advertisements and promote your product can boost your marketing efforts. You can utilize many different mediums, from traditional advertising avenues in the market to more contemporary digital options.
Product
The product is the most significant pillar in the marketing strategy. You deliver a particular product to the particular audience at a particular location so that it satisfies their needs and demands. The product is the boon that you have created to expand your business goal, so planning for an extraordinary promotional idea at a spectacular location will definitely draw the attention of the audience towards you. You can read more on how amazing products are created by smart people here.
Price
The price is the rate tag that you allot for the product by keeping the target audience in mind. Price plays a major role in promotion as it signifies the quality and quantity of the commodity that one wishes to deliver. So pricing a product is a tedious job as it denotes the status of the customer for which the product has been designed. Delivering a great product with highest quality but at a low market price can definitely attract a larger crowd and expand sales.
Conclusion
Promotion ties in all of the other three Ps as it pertains to the sales marketing strategy and advertising surrounding a product. Read through some of the best marketing OKR examples to further expand your understanding and expertise.
Promotion addresses why the product meets the intended audience’s needs. Particularly among price-sensitive customers, it will convey how it’s purchasable at a favorable price. Additionally, promotion will explain where a potential customer can purchase this product, and why they should.
Promotion wraps these elements into one by communicating these details within the marketing and sales strategy undertaken by the company via the mediums your targeted customer base is most likely to frequent.