Sofema Online (SOL) www.sofemaonline.com considers the optimum process for engaging with the Marketing Mix and the 4 P’s – Product, Price, Place, and Promotion.
Introduction
The four Ps of marketing—product, price, place, promotion—are often referred to as the marketing mix. These are the key elements involved in marketing a good or service, and they interact significantly with each other.
The marketing mix is a tool used to help brands understand what elements must be combined in order to meet their marketing goals and objectives.
- Focus on the 4 Ps of marketing: product, price, place, and promotion.
The standard methods and practices have developed to accommodate the digital opportunities.
Reality Check – Many marketers learn the fundamental goal is to put the right product in the right place, at the right price, at the right time. Means to create a product:
- That a particular group of people wants
- Then to place it for sale in areas that our customer will visit
- To price it at a level which matches the customers’ perception of the product value
The 4 Ps of Marketing
The 4 Ps of marketing (Product, Price, Place, and Promotion.)
Should be united to effectively foster and promote a brand’s unique value, and help it stand out from the competition. You should always have a clear concept of what your products stand for, and what differentiates them from the competition.
Product
Ideally, a product should fulfil existing consumer demand, and to be successful, we need to understand the life cycle of our product.
- Product – Any item that intends to satisfy the needs and wants of a target customer.
o May be tangible (goods) or Intangible (Services)
- What do your customers want from your product or service?
- Does it satisfy their needs?
What features of your product/service work to meet your customer’s needs? Have you missed out on any features?
Price
Pricing strategy is both an art and a science.
- Requires market data as well as careful calculations.
- We need to balance between pricing that is neither too high nor too low.
o Note – Bad pricing can damage the brand.
- What is the value of the product or service to your buyer?
- How does your price compare to your competitors?
Marketers also need to determine when and if discounting is appropriate. A discount can sometimes draw in more customers, but it can also give the impression that the product is less exclusive or less of a luxury compared to when it is / was priced higher.
Place
Place refers to providing customers access to the product.
- Consider the potential convenience for the customer.
- Successful Marketing is about:
o Putting the right product
o In the right place
o At the right price
o At the right time
o In front of the customer.
Note – Customers will interact with your brand or your specific products in a variety of places.
- It’s important to consider how each of these places influences the overall customer experience.
Promotion
Considers how to make an audience aware of your product in this regard promotion refers primarily to marketing communications.
- Channels used include:
o Public Relations
o Advertising
o Direct marketing
o Email marketing
o Social media marketing
o Search Engine Optimisation (SEO)
o Sales promotions
- Where will you send your marketing messages to your target audience?
- How does your competition promote their product?
Does the knowledge regarding your customers’ behaviour influence your own promotional activity?
Do you know when is the best time to promote?
We should consider a thoughtful advertising campaign and how it can reach your company’s target market. – How many delivery methods are you aware of?
Next Steps
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aviation, Aviation Leadership, Management Skills, SAS blogs, Leadership skills, Marketing, Marketing training, Price, Place, Promotion., Product, Marketing Mix and the 4 P’s, Marketing Mix, 4 P’s
