If you’ve spent any time in Corporate America, it’s pretty certain you’ve run across the Four Ps of marketing. Simply put, they are product, price, promotion, and place. Product refers to making sure that your product or service is the right one and one of the highest quality. Price – setting a price that makes the product or service as attractive as possible and keeps you profitable. Promotion of course is communicating with your client’s or potential clients. Place is putting the product where it can be most effectively used.
Crucial to the process is the analysis and mix of these Ps. Marketing experts further maintain that a marketing leader must:
- Ascertain the nature of changes in the market. Examine how your service/product fits.
- Zero in on your ideal customers for the company’s current or future products.
- Be able to meet the needs and wants of customers or potential customers.
- Maintain a profitable position.
Of the four, I tend to have more questions about #2 when I meet with a client. It’s a difficult thing to narrow down and is often overlooked.
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