Sometimes you just need to go back to basics: How the marketing 4 Ps can help your business thrive

Marketing either your best friend or the naughty child that just won't behave the way you expect it to. Yes, that is usually the case. Marketing has evolved a lot over the last couple of years and with everything going digital marketing is moving even faster than before.

One of the basics of marketing that will always stay the same is the 4Ps which stands for People, Product, Price and Place. Jerome McCarthy reduced the "marketing mix" to the 4Ps model.

Product – The first of the Four Ps of marketing is the product. A product can be either a tangible good or an intangible service that fulfils a need or want of consumers. Whether you sell custom pallets and wood products or provide luxury accommodations, it’s imperative that you have a clear grasp of exactly what your product is and what makes it unique before you can successfully market it.

Price – Once a concrete understanding of the product offering is established we can start making some pricing decisions. Price determinations will impact profit margins, supply, demand and marketing strategy. Similar (in concept) products and brands may need to be positioned differently based on varying price points, while price elasticity considerations may influence our next two Ps.

Promotion – We’ve got a product and a price now it’s time to promote it. Promotion looks at the many ways marketing agencies disseminate relevant product information to consumers and differentiate a particular product or service. Promotion includes elements like advertising, public relations, social media marketing, email marketing, search engine marketing, video marketing and more. Each touchpoint must be supported by a well-positioned brand to truly maximise return on investment.

Place – Often you will hear marketers saying that marketing is about putting the right product, at the right price, at the right place, at the right time. It’s critical then, to evaluate what the ideal locations are to convert potential clients into actual clients. Today, even in situations where the actual transaction doesn’t happen on the web, the initial place potential clients are engaged and converted is online.

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