More Marketing Basics: The Four Peas

Well, actually, it's "The Four P's" of marketing, of course. Just thought I might get your attention with a silly, quirky headline.

Any lesson on the basics of marketing would be incomplete without discussing the four P's of marketing theory. We use this model, sometimes, when planning and thinking about a marketing plan or campaign for a client.

P - Product (replace with Service where appropriate)
What is your product? More importantly, what are the benefits of your product? How does your product compare to your competitors' products? Does your product contain the features, functions and benefits that your customers desire?

P - Price
What price can you reasonably and effectively charge for your product? What impact, in terms of sales volume and revenues, does pricing have in your marketplace? How have you arrived at your conclusions regarding price; have you talked to any real customers?

P - PlaceWhere will your product be sold? Specifically, where will it be placed (presented, display, situated) in the store or marketplace?

P - PromotionHow will you promote your product? Would it be effective to advertise your product ... or will it be promoted through demonstrations? Perhaps you should consider an earned-media (or PR) approach to promoting your product. How do you know ... what does the research indicate?

As any marketing genius knows, there is a very important fifth "P." That one is persistence.

There's an alternate model, which uses words beginning with the letter "C" instead of "P." Look for our post on the Five C's of marketing ... coming soon!