Introduction
The 4 Ps of marketing are product, price, place, and promotion. These are the four elements that you need to consider when marketing your small business in 2022.
Product
The product (or service) must be appealing to the target market and offer value. It should be of high quality and meet the needs or wants of the target market.
New Product (or Service) research
There are a few ways to go about researching a new product. The first step is to identify your target market and your competition. Once you know who your target market is and who your competition is, you can begin to research your product.
One way to research your product is to create a survey. This survey can be given to your target market to get their opinion on your product. Another way to research your product is to create a focus group. This focus group will allow you get some great feedback.
Competitive Product (or Service) research
There are a few ways to do competitive product research. The most common is to use a tool like Google AdWords Keyword Planner or Google Trends.
Another way is to use a tool like Amazon Best Sellers Rank or Amazon Reviews to find out what products are selling well and have positive reviews.
You can also look at online forums and social media to see what people are saying about different products.
After doing your research on the new or competitive product, it’s time to price it.
Price
The price of the product must be set in a way that is competitive with other products in the market, yet still offers value for the product. It is important to find a balance between the two so that the product is affordable and within the budget of the target market.
Pricing Research
Pricing research can involve a number of different methods and approaches, depending on the products or services being priced and the objectives of the research. Some common methods used in pricing research include conjoint analysis, price elasticity studies, and price sensitivity measures. Pricing research can also involve the use of market simulations to test different pricing strategies.
Pricing Strategies
There are a variety of different pricing strategies that businesses can use to price their products or services. The most common pricing strategies are cost-based pricing, value-based pricing, and competition-based pricing.
Cost-based pricing involves setting prices based on the costs of producing the product or service. This type of pricing is often used by businesses when they are first starting out, as it is a relatively simple way to price products. However, cost-based pricing can lead to problems
Place
The product must be available in the right places, where the target market is likely to see it and have access to it.
This means that the product must be available in the right stores, in the right quantities, and at the right price. It must also be advertised in the right places, using the right mix of media.
Types of Stores aka Place
There are many different types of stores that sell a variety of goods. Some stores specialize in selling one type of product, while others may sell a variety of products. The most common types of stores include:
Department stores
Department stores are a great place to find a wide variety of products in one place. You can find clothing, home goods, electronics, and more at most department stores. This makes them a convenient option for shoppers who are looking for a one-stop shop. Department stores typically have a wide range of prices, so shoppers can find items that fit their budget.
Grocery stores
Grocery stores are a type of food retailer that sell a variety of food and household items. They typically carry a wide range of products, including fresh produce, meat, dairy, baked goods, and household supplies. Many grocery stores also have a pharmacy, a liquor store, or a section for prepared food.
Convenience stores
Convenience stores are typically small stores that are open late and offer a limited selection of items, such as snacks, drinks, and cigarettes. They are usually located near busy areas, such as gas stations, bus stops, and train stations.
Warehouse Membership clubs
Warehouse clubs are membership-based retail establishments that sell a wide variety of merchandise, typically in bulk, at a discounted price. The most well-known warehouse club is Costco, but there are also many others, such as Sam’s Club and BJ’s Wholesale Club.
Warehouse clubs typically have an annual membership fee, and customers must present a valid membership card in order to make purchases. These clubs are usually much larger than a traditional retail store, and they typically have
Examples of Marketing “Place”
There are many marketing places that companies can use to reach their target audiences. Some common marketing places include television, radio, the Internet, social media, newspapers, and magazines.
After you’ve figured out “where” you might want to sell your product, it would make sense to consider the different promotion strategies.
Promotion
Awareness and interest
There are a number of ways to promote awareness and interest in your product or service. Traditional advertising methods such as print, television, and radio can be effective, but may be costly. Social media platforms like Facebook, Twitter, and Instagram provide cost-effective ways to reach a large audience and promote engagement. Creating a well-designed website and using search engine optimization techniques can also help attract potential customers.
Some other ways to promote awareness and interest in your product or service include:
- Creating informative blog posts or articles that provide value to your target audience
- Offering free samples or trials of your product or service
- Hosting webinars or podcasts that discuss topics related to your business
- Creating an email marketing campaign
- Participating in trade shows or other events that would be relevant to your target market
By using a combination of these marketing methods, companies can reach a large number of people and increase their chances of making a sale.
Competitor Promotional Research Process
- Identify your top three competitors.
- Research their promotional strategies.
- Identify any weaknesses in their strategies.
- Develop a plan to capitalize on those weaknesses.
Conclusion
The 4 Ps of marketing work together to create a successful marketing strategy. By appealing to the target market, offering value, setting a competitive price, making the product available in the right places, and promoting awareness and interest, businesses can increase sales and achieve success.
