3 p of marketing
Here are the 3 P’s PRICE, PRODUCT and PROMOTION. Even though over time it has expanded to 6 and 7 P’s, we are starting with the basics and we will bring it back to how it relates helping your business through website design.
PRODUCT
What is your product? Is it widely available or unique? Are their options to size, color or features? Or is your product a service? Is your service flexible to the customer’s wants and needs? Services offered as a product has many variables, just like a tangible product. This is your product, know your product! For the 3 P’s in marketing to work for you the product is #1, after all if there is no product there is nothing.
Every product has a life cycle. The growth, maturity and decline in sales are the life cycle. Many marketers do research to help them know the product’s life cycle. This knowledge will help focus attention on different challenges that may arise. Considering the product mix will allow adversity to the product line.
PRICE
The price is what the consumer will pay for the product. Many marketers research for price comparison of similar products and other products in the line mix. The price is very important it determines your profit. Basing the product price on consumer perceived value and fair market value could have a profound impact on the market strategy. Three basic pricing strategies are; market skimming pricing, market penetration pricing and neutral pricing. They all must be taken into account for product pricing.
PROMOTION
Promotion is any and every way a marketer can inform a consumer about the product. The lists of ways to promote a product are endless. Here are a few; advertising, social networking, word of mouth, personal sales and public relations. When applying to advertising it’s a good idea to use websites like Google Ad words and Yext.com. Social networking can really keep you connected with customers. The possibilities are endless; it’s up to you and the marketing strategy you apply for success.
In conclusion, there it is, the Marketing development that has changed the concept forever. Product, Price and Promotion. The Product, whether it’s a tangible or intangible product, is your product. Know your product. The Price, without the price, is free and why are we discussing marketing? And Promotion the force to market your product to the masses.
One last thing I feel we should discuss the fourth P. Now I know I said the 3 P’s but I feel the fourth P is just as important. The fourth P is PLACE. From a Brick and Mortar shop, to the online website, or domain name. Place is valuable to you and the consumer. Like the phrase “location, location, location” is everything. Place applies to many aspects of marketing. Place can refer to the placement of your product on a store shelf. -or the placement of your website on a search engine online. Place can determine sales and profit. The Four P’s of Marketing is a valuable tool for any business. Let us help you make a place online through a custom website design your customers will love-with website development to back up the usability and infrastructure of your business.
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