4Ps is a significant factor in operating business. Now, as market are widen, lots of marketers create strategies which aim to capture the biggest sale volume as much as possible to gain higher position in market share. However, they might lack deeply understanding the products that they want to sale. Thus, this article will describe about 4P strategy.
Product:
The first of 4PS is product. Even though the product are tangible or intangible goods, low price or expensive, you must have a clear understand in what exactly your product is, how to use, and how it’s unique from another. If you cannot explain these variables top the customer, you might lose customer trust and reliability that place on.
Price:
After you have a clear understanding about the sale product, you are able to make decision of pricing. Which the price can be varies (low or high), it depend on value creation that you add to your product. If you can make the customer perceive that your product is valuable or benefit to them, you can set the price high.
Place:
Place mean “how you putting you product to the right place, at the right price, in the right time”. Ti’s very important to evaluate where your target market located is. Thus, you have to think about the channel that you can sell the product in order to satisfy the customer need and make them engage such as social Media, online shopping, or direct sale at the shop.
Promotion:
For promotion, it’s the way you communicate to provide information to differentiate the product in order to promote. The marketer can offer promotion such as advertising, public relations, social media marketing, email marketing, search engine marketing, video marketing and more.
However, 4Ps is not the only key success of your business. You, as a marketer, have to be able to adapt with the situation in doing business as well.
Patcharaporn P 