The Four P’s of Marketing at Retail

Marketing any product or service can be demanding. There are multiple layers that need to be addressed to ensure a successful marketing campaign, whether small or large. To help you find a balance of how to address all the ways in which you can market your store, service, or product, you need to first understand what makes up the marketing mix. The marketing mix consists of product, place, price, and promotion.

Together, the product, place, price, and promotion of a store, service, or product should satisfy customer’s needs and company’s objectives. In doing this, you should reach your target market.

Are you considering each of these four P’s when you plan your business objectives?

Product:  Anything tangible or intangible that is offered for attention, acquisition, use, or consumption that is capable of satisfying needs. Included are objects, people, places, services and ideas.

Place: Refers to where the product is available in the marketplace. Can cover two areas, including 1) channels of distribution such as wholesalers and retailers handling products between manufacturers / producers and consumers and 2) physical distribution such as inventory control facilities, warehousing, and transportation of products.

Price: The cost of a product can influence the product’s image and likelihood of purchase. It is the only revenue generating avenue in the marketing mix. Price is often based on competition, customer needs, government regulations, and more.

Promotion: Designed to persuade consumers to buy the product, promotion may include advertising, publicity, sales promotions, and personal selling.

Make sure that you consider the design, purpose, quality, benefits, packaging, safety, and all other possible attributes that contribute to your store, service, or product. Each and every detail plays  a factor in your overall marketing mix and ultimately, the overall impression you leave with consumers.


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