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The 4 P's2:26 with Dan Gorgone
While today’s marketing strategies are far removed from the media of decades ago, basic marketing principles still apply. Get started by learning the 4 P's: Product, Price, Promotion, and Place.
Things to Consider
- What are the 4 P's of traditional marketing?
- How can you apply each of the 4 P's to your company?
- On your website, is it clear what your company is selling or offering?
- Is it clear what customers have to give up in return for your product or service?
- Beyond your webiste, are you promoting your products and services online?
- How can potential customers find information about you online?
- Can potential customers find information about you via a mobile device?
While today's marketing strategies are far removed from the media of decades ago,
basic marketing principles still apply,
and they can help you figure out how to get started.
So let's cover some of the basics of what marketing is all about.
Back in the 1960s, author E. Jerome McCarthy identified the 4 P's of traditional marketing:
product, price, promotion, and place.
Product. What are you selling or offering?
What need does it fulfill?
And why would anyone use it, especially over other alternatives?
Providing clear answers to these questions is an important task for every marketer.
How much does the customer have to pay?
The bottom line is important, but keep in mind that the price may not necessarily be money.
Digital products and services often require users to give up personal data
or force other requirements and limitations upon them.
In other words, what do users have to sacrifice in order to use your product or service?
Hopefully that price is not too high.
Your target market has to find out about you somehow.
Communication takes many forms, from the content you provide on your website
to social media channels and organic and paid searches.
We'll learn about the various channels and the benefits they offer coming up.
With the rise of mobile technology, the place is now everywhere.
Users have the ability to access your content from home or on the go
across multiple kinds of devices,
so you and your marketing efforts must be prepared.
So let's consider our online T-shirt store for a second.
How do we apply the 4 P's?
Our products are the T-shirts, something that many people wear,
especially if they're fun or stylish.
Our price--well, we want to be competitive in terms of pricing our shirts,
but we don't want to price them too low that we can't stay in business.
Looking at our expenses as well as the competition
will help us determine the right price.
In terms of promotion, we'll use our own website as well as social media to get the word out.
And the place for our shirts will be anywhere you can access the site,
so basically everywhere, and that's as good as you can get.
So as you create your own company, consider the 4 P's along the way.
They'll help you stay focused on what you're selling and who you're selling to.
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