The 4 P’s of Retail Marketing
Marketing never gets old. It constantly surrounds us in new ways. What stays the same, however, are the 4 essential P’s to marketing. Product. Place. Price. Promotion.
Without a product – whether it’s a service offered, person or actual product being sold – there is no reason to put marketing efforts out there. Naturally, this product needs a “place” to be found, so identifying this is critical in your marketing outreach. Customers always want to know how much things will cost, so the price is a key component to this 4 part mix. And finally, the actually promotion of the product / place / price helps to create a call for action from customers. This part can be simple, elaborate or even fairly routine, but it should always provoke your customer’s interest.
When referring to the 4 P’s in retail marketing, it’s important to stay focused on your goals. For most of us, that is selling through your inventory…. and making money! Keeping your budget in check along the way is very important, so make sure your pricing strategy is built to support your marketing plans in addition to your product resources, selling efforts, time it takes to bring this product to life and much more. A few other key components to consider include:
1. The life span of your product. How will this influence the price? How will this influence your promotion strategy?
2. The buying behavior of your target market. Are they impulse buyers? Or do they research things before a purchase?
3. The competition of your product. Who are your comeptitiors? What points make up their marketing mix?
Beyond the 4 P’s of marketing, there are 4 environmental stimuli that greatly influence consumer behavior and buying trends. These are the economy, technology, politics and cultural life stlye. Consider how these will influence your unique 4 P’s, then respond accordingly. If you are aware of all contributors to consumer purchase decisions, you are more likely to win their actual purchase.