The 4 Ps of Marketing

Product, Price, Place, and Promotion, the 4Ps of Marketing, are the key essential factors in the marketing of goods and/or services.

Product: A good or service offered by a company, including its features and benefits and why/competitive reasons the client is offering it.

To provide the highest-level services and solutions to our clients, it’s important we fully understand the ins and outs of a product, its lifecycle, and its pros and cons in the eyes of customers and competitors. Which is why when clients sign on with ST&P, they can rest assured that we don’t just do work for them, we partner with them—becoming one with and acting as a seamless extension in the overall marketing process.

 

Price: All of the pricing factors including what the consumer can expect to pay for the product, desired margins, competitive situations, etc.

As a marketer, we want to ensure that our clients not only get the biggest bang for their buck, but that their customers feel they’re getting the same. Price requires us to take into consideration the product’s value, its perceived value in the eyes of customers, competitor prices, and the appropriateness of utilizing a discount/rebate/incentive to promote the product. In doing so, we’re able to help steer our clients in a direction that ultimately increases product awareness, intrigue, and purchase. 

 

Place: Where a company sells a product a/o how it delivers the product to market; channels of distribution, online customization, direct sales, etc.

From both in-store and traditional/non-traditional marketing channels (think POS/POP, print/digital ads or sell sheets, product placement on TV or in film), we help determine the best “wheres” of selling a product and delivering it to market. In doing so, we’re able to help position the product to be in the right place (i.e., when and where the consumer is) to not only increase sales, but also overall product awareness.

 

Promotion: The advertising/marketing behind the product (this is ST&P’s cup of tea)

As a leading promotions and salesforce incentives agency, we pride ourselves in knowing the ins and outs of B2B and B2C marketing which allows us to create results-focused solutions that have a keen marketing sensibility. What’s that mean for our clients? It means we put our experience and expertise to work to determine which promotional venues (advertising, public relations, email marketing, social media marketing, etc.) will benefit our clients the most. It means creating messaging and promotional programs that are sure to make direct impact with the target audience. And, it means maximizing our clients’ ROI by ensuring their brand is well-positioned and supported at every touchpoint and turn of the consumer’s path to purchase.

However, it’s important to realize, the 4 Ps aren’t the sole responsibility of the marketer or agency. Clients play a HUGE part in the first 3 Ps and are integral in helping create a successful marketing strategy and promotion overall. Want to learn more and see how we can team up to create something awesome? Drop us a line at info@stpinc.com or give us a call at 330.668.1932 to learn more.