One of the first concepts taught in marketing 101 is the Four Ps. This model was developed in the 1950s by Neil Borden, a Harvard professor. Also, known as the “marketing mix”, this concept still proves relevant today, and is a great spring board for any new business. What exactly are the 4 Ps? Here’s a quick overview.

Product

What are you selling? Is it a tangible good or a service? Think about likely buyers and their specific needs. What kind of value will your product bring to potential buyers? How is your product unique and different from your competitors? You should understand and know your product forwards and backwards.

Price

What is the cost of your product? Your pricing strategy should be thoughtful and detailed to appeal to customers while also ensuring a profit. What is the price range for your potential buyers? A higher price can give the indication of exclusivity, while a lower price can indicate accessibility. Finding the sweet spot between what is considered too high for your target audience and what is too low is very important.

Place

Where will you sell your product? Again you have to think about your target audience. Where and how do they shop? Your product has to be in the right place and accessible to the right people. You might sell your product in a brick & mortar store, online, or a combination of both.

Promotion

How will you get the word out about your product to prospective buyers? Traditional means of magazine ads or direct mail might be the best fit to advertise your specific product. Meanwhile, social media marketing and email campaigns could be a better approach. The idea of promotion also extends to deals (think limited time sales and coupon codes) as well as general outreach and engaging with your target audience.

Utilizing the 4 Ps of Marketing is a great first step to get your business started on the road to success!

Just getting started and need more help? OmniMaze can assist you in all your marketing endeavors!