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The P's of Marketing PDF Print E-mail

The core of your marketing plan should encompass the four ‘P’s: product, place, promotion and price.  These four items are the most readily controlled by you.

Product: what are the features of your product and how does your customer benefit from each feature?  What features does your product have that are different or better than a competitors?

Place: how do you get your product to your customer?  What is the unique feature of each method and how do you and your customer benefit?  Are there time sensitive issues (eg expiry dates)?  Is there special handling involved (eg refrigeration)?

Promotion: how will you communicate with your customers?  Who are your customers?  How will you educate or create a desire in your target market for your product?  What promotion vehicles can you afford now and which will be affordable later?  How will you measure the results of the promotion?

Price: What is your pricing policy?  Will your customer perceive good value for your product?  How does is compete with your competitor?  Is a higher price justified for a product with more features?  Is it affordable for your particular target market?  Will there be bulk discounts or will employ a ‘frequent buyer’ plan?