An effective marketing plan consists of several components known as ‘The Marketing Mix’ or the 4 P’s of marketing. The 4 P’s include price, product, promotion and placement were put in place to help bring the best return for a product’s potential.
The History of the Four P’s
The history dates back to the 1940’s when James Culliton described a marketing manager as someone who is a ‘mixer of ingredients’. Years later Neil H. Borden wrote and published an article titled The Concept of the Marketing Mix which was an variation of Culliton’s original theory. That marketing mix consisted of product pricing, branding, planning, distribution channels, promotions, advertising, personal selling, packaging, display, physical handling, servicing, fact finding and fact analysis. Jerome McCarthy consolidated these into a four categories appropriately named the 4 P’s of marketing.
What are the Four P’s
The first of these is price which must be thoroughly examined throughout the buying and purchasing process. Be sure to consider all elements of a product to determine its price. Variables that may affect the outcome include location of distribution, price mark-up, actual distribution, competition and payment plans.
The second P of the mix is product. When trying to determine the product try asking detailed questions so you can a full understanding of the product you’re trying to sell. Sample questions include ‘What problem or problems will this product try to solve?” or “What types of features or benefits will this product have?” Determine a customer profile so you’ll know who will buy the product and see how it is unique in the marketplace.
How will the product be promoted? Some potential choices are promoting online, traditional marketing, event marketing, etc. By not having an effective promotional initiative can waste valuable time and revenue.
The final P of the mix is placement. Placement covers the physical aspect on where the product will be sold. Two popular choices are online or brick-and-mortar locations. Along with determining a products placement also come up with an exit plan strategy if the product does not sell that well.
With decades behind the Four P’s success it’s a tried-and-true method for an effective marketing plan. This ‘marketing mix’ will satisfy both the needs of your clients and retailer’s.