Commonly referred to as the “4 Ps,” your marketing strategy will generally depend on one or more of the following four variables:
- The actual product (or service),
- The price (or value) it has,
- Where you place (or distribute) what you offer, and
- How you promote it.
An effective marketing plan needs the right mix of product, price, place, and promotion to get the results you want.
There are basically three different ways to consider your product or service as far as my knowledge & experience has taken me
- Your core product is something you can’t touch: it’s the benefit your customer is buying—not the product itself, but the problem it solves.
- Your formal product is what people actually use. It includes physical elements like design and texture, or perceived features like quality and styling.
- Any value added features offered “over and above” the base product, like customer service or delivery, to differentiate your business from the competition.