Product Marketing

Master the 4 P’s of Product Marketing and Make Your Business A Success

There are 4 basic elements in product marketing that comprise what is commonly referred to as the “marketing mix”. This mix consists of the 4 P’s: product, pricing, promotion, and placement. The 4 P’s are critical to helping you properly identify your target market(s), as well as offering them perceived value and satisfaction, while at the same time reaching company goals and objectives.

The 4 main elements of product marketing are tangible and controllable by your business and can be combined in any number of ways to produce the best results for your business. One of the best ways to discover the best combination of product marketing elements is by conducting market research. Strategically researching your market will not only help you find the best marketing mix for your business, but will also provide you with a better understanding of exactly who your target market is and what their specific needs are.

Product

It all begins with your product. What good or service are you offering? Is there a consumer need or desire for it? Your product or service should include functionality, packaging, warranty, and any other defining characteristics. Your product is the foundation of your product marketing mix.

Pricing

What will your pricing be? When developing your price setting process, it’s important to consider things such as: your manufacturing and production costs, supply and labor costs, anticipated profit margins, and any applicable discounts or wholesale pricing. Accurately setting your price can be the difference between your product or service’s success or failure.

Placement

Where does your product or service fit in? How will you get your product to people? Identifying the right market to place your product is essential. In today’s world there is no shortage of product placement venues or outlets. The internet, cell phones, cable TV, PDAs, and mp3’s are just a few ways that businesses are able to place their product in the hands of consumers. Knowing which arena works best for you can mean big bucks in your future,

Promotion

How will you stand out in the crowd? There are literally millions of products on the market today, so it’s important that your product is presented at its best and to as large an audience as possible. Advertising, publicity, promotions, and positioning are just some of the ways you can bring your product to the attention of the masses.

The marketing mix is a great tool to help your business reach its targeted consumers and goals. As its name suggests, you can mix and match the 4 P’s to achieve your desired goals. When it comes to offering your product to consumers, don’t be afraid to experiment.