Four Ps of Marketing

The four Ps of marketing – product, price, place, and promotion – are the primary factors of product or service promotion. Together, they form the marketing mix. Brands leverage the four Ps to create a marketing plan before launching a product.

Here’s what they consider:

1. Brands start by analyzing the product’s unique selling point (USP) so that it stands out among its competitors.
2. The next step is to determine the product’s selling price.
3. Then the sales location is set. Will it be sold online, in brick-and-mortar stores, or both?
4. Lastly, brands always consider the target audience of their promotions. For example, if the target group is millennials, brands may promote the product on both digital and print platforms. However, if the target audience is GenZ, the promotion platform could largely be social media platforms.