AIMC Marketing Tip - The Four Ps of Marketing -

The four Ps are the four essential factors involved in marketing a product or service to the public.

The four Ps or marketing are a “marketing mix” comprised of four key elements—product, price, place, and promotion.

1. Product

Creating a marketing campaign starts with an understanding of the product itself. Who needs it and why? What does it do that no competitor's product can do? Perhaps it's a new thing altogether and is so compelling in its design or function that consumers will have to have it when they see it.

2. Price

Price is the amount that consumers will be willing to pay for a product. Marketers must link the price point to the product's real and perceived value, while also considering supply costs, seasonal discounts, competitors' prices, and retail markup.

3. Place

Place is the consideration of where the product should be available—in brick-and-mortar stores and online—and how it will be displayed.

4. Promotion

The goal of promotion is to communicate to consumers that they need this product and that it is priced appropriately. Promotion encompasses advertising, public relations, and the overall media strategy for introducing a product.

So, what is your go-to-market strategy for your new product? Ise the 4 Ps to get started!

Video by AIMC Business Solutions - http://www.aimcbizsolutions.com