Understanding the 4 Ps of Marketing
Marketing plans ensure you’ve put a systematic approach in place to develop your business products and services. You must be clear about your objectives and how to achieve them. A good marketing plan will set clear, realistic, and, most importantly, measurable goals.
At the heart of marketing are specific principles to cover in/with all creative visuals and messaging. The 4 Ps of Marketing is essential to define when you begin showcasing your products and services.
The first P is crucial to create a marketing plan. Products and services are the base of your business’s selling to its audience(s). Products are tangible items consumers can purchase from companies 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.
Setting a price ensures your business impacts its profit margins, supply, and demand. This decision is entirely up to the business and how it will affect its aforementioned items and marketing strategy. When determining your price, consider who you want your target audience to be and if this price point would appeal to or deter them from purchasing from your business. This also helps with the following two steps to ensure your marketing plan will work and bring conversions as goals are accomplished.