Product, price, location and promotion are the four essential elements of the marketing mix that must be carefully reviewed and implemented in order to successfully market a product or service. The four P's, also known as the marketing mix, are product, price, place and promotion. Focusing on these four P's has been a fundamental principle of marketing since the 1950s. A thorough analysis of these four factors helps the marketer to design a strategy that effectively presents or re-presents a product to the public.
Marketers must understand the life cycle of a product and business executives must have a plan for managing products at every stage of the life cycle. In today's world, where everything moves at such a fast pace and everyone is so busy, courtesy is almost a lost art. However, saying “hi”, good afternoon and “thank you very much” are still part of basic customer service. Advances in technology have now made data much more accessible and usable to provide personal, predictive, proactive and generalized experiences.
By focusing on sports stores rather than shoe stores in general, you direct your efforts to a specific location that best fits your marketing strategy. The term positioning also refers to advertising the product in the appropriate media to attract the attention of target consumers. Jerome McCarthy, a marketing professor at Michigan State University, refined the concepts in Borden's article and called them the four P's of marketing. Promotion encompasses advertising, public relations and the general strategy of the media to present a product.
People, processes, and physical evidence are extensions of the original Four P's and are relevant to current marketing trends. The seven P's are a more detailed elaboration of the five P's, and they add considerations about the processes that define the customer experience and the physical evidence that the target market needs to see in order to become customers. As business owners, that means that competition can be fierce and that you must meet higher standards than ever. It is important for businesses to consider all four P's when creating marketing plans and strategies to effectively market to their target audience.
This includes purchasing fabrics in large volumes, continuously searching for the highest quality and lowest cost materials in the world. By focusing on these four P's - product, price, place and promotion - businesses can ensure they are providing their customers with an improved customer service experience. Everything from saying “hi” when customers enter your store to using data-driven insights to create personalized experiences can help businesses stand out from their competitors. Additionally, businesses should focus on purchasing fabrics in large volumes and continuously searching for high-quality materials at low costs in order to provide their customers with an improved customer service experience.
