Four P’s: Product, Price, Place (Distribution), Promotion

Developed in the 60s, the “Four P’s” of marketing is an older construct, but still has value today.

Any marketing endeavor does best by first being planned out. Making decisions about Product, Price, Place (Distribution), and Promotion before ever making an actual move will help you cohesively target your key demographic.

Product Decisions

Product can stand for both tangible consumables and also services. Product decisions include everything you consider during development. Some ideas:

-      Size

-      Safety (Where could things go wrong?)

-      Brand Name

-      Packaging

-      Design

-      Warranty

-      Quality (How long will it last?)

-      Time (For services, how long will it take?)

Price Decisions

Price decisions involve every aspect determining your “sweet spot” cost.

-      Suggested Retail Price

-      Seasonal Pricing

-      Wholesale Pricing

-      Shipping Costs

-      Hourly or Per-Performance (Services)

Distribution (Place) Decisions

Distribution decisions revolve around how and where your products and services will be offered.

-      Distribution Centers (From where will your products be sent?)

-      Transportation

-      Online Selling

-      Frequency (How much is offered? How close in proximity?)

Promotion Decisions

Promotion decisions involve how and to whom you will market your products or services.

-      Advertising

-      Social Media Participation

-      Public Relations

-      Sale Promotions

It’s integral that all elements of Product, Price, Distribution, and Promotion work in tandem. You wouldn’t want to price a wristwatch for a luxury consumer and then sell it at Kmart. You also wouldn’t want to sell coats in the Bahamas.

The more targeted your Four P decisions, the more successful your product or service will be.