With the prevalence and popularity of online learning in the Covid-19 era we’re presenting #Marketing101bySMG. Our first lesson is on the 4 P’s of Marketing.
This is a well-known concept that summarizes the basic principals of any marketing strategy: product, price, place, and promotion.
The idea behind the theory is that if you implement them, you will generate more sales. But sadly nothing is that easy.
-Product is what your company sells- a widget or a service. It’s anything that is made available to the consumer. It’s one thing for a customer to know about your product or service, but ensuring they know what sets your product or service apart from your competitors is crucial. If you fail to do this, its going to be hard to thrive.
-Price is maybe the easiest one to understand. Even though its easy to understand, its often hard to come up with the “right” price. Finding the price point that doesn’t just increase sales, but increases your profits.
-Place is simply your location. Expecting your customers to come to you is fighting an uphill battle. Meet your customers where they are.
-Promotion is advertising, PR and strategy. The goal is to inform your customers why they need your product and why they should pay the certain price for it.
We hope that you enjoyed this lesson! It’s the foundation for all good marketing strategies.
