Remember the four basic strategies which is popularly known as ‘’the four Ps of advertising’’ while designing your next marketing strategy, much like ties in a chain. This affects all other parts of the chain if one link moves, leading to other movements. The links work with each other. Although business and economic experts have established many Ps (Meaning other marketing strategies) over the years, these four Ps are regarded as the foundation for marketing programs. The four Ps are the following: Product, Price, Place and Promotion. Because they all work hand in hand, according to some experts it’s said their order doesn’t matter.
The Four Basic Marketing Strategies
- This portion of the basic marketing strategies is directly linked to the other three Ps. The marketing promotion or campaign is intended to increase the visibility of the product/service and to show customers why they need to choose this particular product over others.
Timing greatly influences the volume of feedbacks and how promotional advertising is done. It can also change the venue, such as advertisements that advertise pizza delivery deals during football season games. It can try to attract customers to try out an item with an enticing promotional or introductory bid.
- Place or location has become a more important component of marketing success. Location involves where the material is processed, possibly where it is made. The internet has created a drastic transition for tiny, local companies to international, where products are sold and distributed. The Location of business also determines when and through which medium the brand/product/service is marketed, such as via television, infomercials, newspapers, online ads, and even placements of movie items.
- To solve a problem or need a customer has or might know that he has, there are Products. The iPhone makes life easier by getting everything in one small unit that follows you anywhere that you need to use.
Until the iPhone arrived, people did not realize they wanted one, but Apple excelled in helping customers discover their need to make life easier by getting mobile with many features such as calendar, Camera, calculator, GPS, voice, a guide to the weather, and more in one package.
- The customer pays the price. Many companies only earn a small price premium, while others have enormous profit margins because they are highly sought after.
Price is influenced by cycles of production, cycles of product life, supply and demand. Business strategies may suggest a cost leadership strategy by attempting to beat the lowest price market, or a business strategy may choose to inflate the price based on a luxury aspect or brand image.
- Remember the target customer while designing the advertising mix. You will build the right customer profile by asking the right questions in the Four Ps and meeting the right people. Visit us here or text Ezgo to 484848 for more professional tips to shoot your basic marketing strategies to higher levels.