Product, place, price, and promotion; a guide of things every business owner needs to consider.
The goal of the 4 P’s is to get the perfect product, at the perfect price, in the perfect place by utilizing the perfect promotion to produce profit!
Thoroughly analyzing and understanding all elements of the 4 P’s is crucial since they are so interconnected. You could have a great product or service but if you sell it in the wrong place or promote it to the wrong people, it will not sell. By asking yourself the following questions you will be able to decide if your product needs some work or if you are ready to go.
These four components should not only be a guide for you to understand your own businesses abilities and potential but also a way to compare yourself to your competitors. Think about the ways that your business is similar or different to competitors. You want to be able to provide your customers with an experience that they can not find elsewhere.
Product
What needs do consumers have that are not being fulfilled and how are you going to fulfill these needs? How are you going to do so in a way that is better than your competitors?
How often will your customers be purchasing your product or service? Can it be placed on a subscription model?
Does the product have features customers want that others don't provide? You want to ensure you don’t have unnecessary features that bring up price for no reason
Where will customers be using your product? On the go, in their car or only in their home? Offer options that allow the product to be versatile
Are there different sizing, color options, package deals?
Are any new innovations applicable to the product or service that could improve it?
Place
Where will people be buying your product? Directly to you via brick and mortar, catalog, online? On retailers shelves such as Target or a market? Instead of large chains would your product be found in small boutique shops? Online retailers such as Amazon? Or small niche retailers?
If you have a service or brick and mortar for your product what will the sales space look like? What energy do you want to space to project onto customers?
What about similar brick and mortars work that you could use? What do they do you want to do differently to stand out?
Do you have sufficient distribution to ensure customers can always get your product in a timely manner?
Price
Is there an established price of products or services for your market?
Are your products or services priced similarly to your competition? If cheaper, does the cost worry consumers or entice them? If more expensive, is the cost justifiable for the quality of the product?
Is there any wiggle room with your price? Would raising the price cause customers to stop shopping with you? Would lowering the price draw in new customers?
What discounts or giveaways are you able to provide?
Can you give a discount if people sign up for a recurring payment subscription?
Promotion:
How do you want your product or service to be to be viewed by potential customers?
How do you feel current branding and content portrays your business? Is it in line with how you view the business?
Where do you get most of your business now? Word of mouth, advertisements or endorsements?
When doing advertisements which platform is most effective? Billboards, magazines, radio, social media, influencer marketing or something different?
Analyze which is most effective and why to try to replicate this form of advertising.
Once you answered all of the following questions you should have a much clearer vision of where your business stands in your market. If you are satisfied with your answers your product is ready for consumers. If not you now know which areas of your business need to be addressed. If you would like help analyzing this information to create a marketing plan let us know. We would be happy to help.
707 502 4913
Raechel Koepke
Owner, Old Growth Graphics
