Marketing The Four Ps
As a general rule of thumb there are four factors that you can influence when marketing your product. These are the 4 Ps Product Price - Promotions and Place. These are often referred to as the marketing mix.
Its often termed the marketing mix because each of the four Ps is a variable that you can influence How much we decide to alter each one depends on our overall strategy and the products stage in its life (i.e. new emerging product or already saturated market.)
Perhaps the most obvious one you determine what your product is. Now, this could be a physical item say like a can of beans or it could be a service like management consultancy. You however set this and create it. Products often are a combination of physical items , services and importantly belief about the product. That last part is important because your product is satisfying a need or feeling associated with the item why choose yours over a competitors? Because of this mix of tangible and intangible products are often called offerings because that more adequately represents what is being sold.
You determine the price that you ask for your product. As a rule of thumb this is generally more than the material cost (in order to make profit!). Pricing considerations often involve determining the physical costs for producing the item and including a level of profit. Pricing is also influence by a number of external factors for example competition pricing strategies, seasonal influences.
Place refers to the method of distribution how you get your product to your customer. Your sales network is important to you as you need your customers to find your product rather than a competitiors. Place often has a bearing on your material costs (i.e. distribution costs). An important factor to also consider is that Place has and the customer perception of your product.
This covers your marketing strategy from advertising through to store placement. Promotion helps customers realise that they need a product like your offering and that yours fits the bill nicely. Promotion usually takes the form of Advertising, Sales and Sales Promotion.