The 4 Ps of Marketing
Learn to control
Product, Place, Promotion and Price
for Profits
The 4 Ps of marketing classify the controllable elements
of your marketing plan. Product, place [distribution] and
promotion are all expenses; price brings in revenue.
Family businesses must pay close attention to
controlling each.
McCarthy's classification of the 4 Ps of marketing in
Basic Marketing over 40 years ago is still a great
way to help us focus on the elements of a good
marketing plan that we can't control but must
be aware of and anticipate such as:
- new competitors,
- new legislation,
- change in consumer confidence,
- change in consumer tastes; and
The 4 Ps of Marketing, which are the
controllable elements.
- Product
The first element of the 4 Ps of marketing focuses on
your individual goods and their product line. Product
includes services and electronic or digital products such
as e-books that don't have a recognizable physical
substance..
Includes features and benefits, installation, service,
warranty, packaging, branding.
Overlooked Small Business Opportunities
on the Net..... and How to Earn a Superior Living at Them
provides great insight for service businesses looking to start or expand.
- Place [Distribution]
The next of the 4 Ps of marketing focuses on getting product to your customer.
Includes warehousing, fulfillment, electronic download, shipping, middlemen.
There's A Product in Every One of Us
not only shows you how you can develop your own product from your own knowledge, but also how this type of product solves major distribution problems, thus taking care of the second of the 4 Ps of marketing.
An Affiliate Program
lets you sell other people's products while you build your own product and business and is usually accomplished without carrying inventory or shipping problems.
- Promotion
This element of the 4 Ps of marketing focuses on communicating with your customer.
Includes advertising, copywriting, media selection, sales force, personal and mass selling, sales promotion, positioning.
Business promotion ideas include a wide variety of promotional products and personalized gifts
Community events are one of the best ways for family businesses to promote and "brand" their business products and services. One of the most popular community events are air shows. If you are an aviation buff and/or enjoy the patriotic theme of most air shows, and your family business supports the local air show but would like to expand the reach of your promotional program - one resource to consider is air show advertising.
Air Show Advertising
Another options worth considering is being a "sponsor" for an organization - an organization that aligns with the values of your family business. One such organization that we recommend is the
WOUNDED WARRIORS PROJECT
Our Dick Hemsley shows you a simple but elegant approach to positioning in
The ABC's of Positioning.
It's Words That Sell - Not Graphics
will get you primed for the copywriting and advertising that you need to do with this element of the 4 Ps of marketing.
11 Steps to a Site That Sells
Essential information from "the bible of selling online." Includes specialized sections on Product, Traffic Generation and multi-product stores.
Altruistic Marketing Strategy
Altruistic Marketing is a strategy that links marketing and business development goals with good neighborship. It enables a family business to support good causes and good people - and gain some great publicity too!
- Price
The successful producer of an article sells it for more than it costs him to produce - that's his profit. The customer buys it because it is worth more to him than he pays for it - that's his profit. No one can long make a profit producing anything unless the customer makes a profit using it.
- Samuel Pettengill, US Congressman, 1930's
Focuses on the price at which both the customer and producer can profit. Price is the only element of the 4 Ps of marketing that involves revenue rather than expense, so it's impact can be dramatic.
Includes discounts, allowances and incentives, and strategies like penetration pricing or skimming.
Pricing
not only shows you the importance and strategies of this major element of the 4 Ps of marketing, it goes much farther!
-
Access and download a free course and book about Pricing
- Learn about an online survey tool that lets you find the Perfect Price (tm) of existing or new products
Access this tool online and in just a couple of minutes see for yourself just how easy it will be for your customers and prospects to provide you with the vital information you need to price correctly.
No more guesswork, no more over-pricing that kills off sales, no more under-pricing that leaves money on the table...
Pricing Strategy Applied With Help of Pricing Software
Read about our own experience using this survey tool with our colleagues on one of their products!
Webmaster's Note
The 4 Ps are a type of "push" marketing. Advertising and promotion play a strong role in pushing sales to customers.
In recent years, customers are starting to get too many messages. So, they listen to each other. Customer relationship marketing [CRM] focuses on how sellers can use in-depth marketing intelligence to build trust, loyalty and long-term engagement with customers.
Click here to learn about the 4 Rs of customer relationship management.
Webmaster's Note
Chaos Busters - The Management Guide
Identifies 160 Key Business Questions
- 160 Key Business Questions will stimulate creativity and innovation for your entire management team!
- 160 Key Business Questions are the keys to unlock the hidden potential of your organization!
- 160 Key Business Questions will save you time and make your work more effective!
- 160 Key Business Questions is a Multi-purpose tool with unlimited applications!
http://www.family-business-experts.com/chaos-busters.html
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master each of the 4 Ps of Marketing.
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