It is when you focus on better marketing of your product, that you can sell it successfully and quickly to your target audience. But have you considered thinking about how to manage inventory? Inventory management plays another crucial factor in a successful sale of a product apart from the 4P marketing strategy.
Here, you shall understand everything about the marketing mix.
Marketing Mix: Understanding The Term
The marketing mix includes the steps taken by a company to promote either its product line or services. The marketing mix is divided into the 4 marketing Ps. The 4Ps are popularly known to be useful to promote better marketing. However, other models like 7Ps are also important.
4Ps of marketing
The 4P of marketing strategy can be defined as placing the right product at the right time and at the right location and that too at the best price. While this might seem to a child’s play, it includes a lot of hard work. One must conduct rigorous market research to check where they can fit the product and accordingly curate a marketing strategy based on the compiled information. They are also required to focus on how to manage inventory effectively for seamless business operation.
The 4P Marketing Strategy Is As Follows:
1. Product or service
The first 4 of the marketing strategy indicate the product or even the service offered by the company. The company’s offering is the core of the marketing strategy. The company must define its products based on the client’s needs and the benefits it has on them rather than their features and characteristics. Within this P, you must define your offered products and how are they different from competitors’ products and also their shelf-life.
2. Place
The second P of the marketing strategy is all about stating and management of the channels through which the product is delivered to the consumers. The strategic sales point ranges from an eCommerce to the regional store and physical store chains in various countries. The goal of this strategy is to make accessing products easier for consumers by offering a seamless shopping experience.
3. Price
The third of the 4Ps of marketing strategy is the final cost of your services or product. Deciding on the price of the product is very difficult given the various factors that the company has to consider like:
- The company’s economic objectives
- The commercial review that you receive
- The manufacturing cost of the product
- The competitor’s product cost
- Trends and preferences
- The product’s positioning.
Keep discounts, loyalty programs, and payment options in mind when determining the price of your offerings.
4. Promotion
The fourth and the last P of the marketing strategy denotes promotion. Promotion includes all the actions that are considered to communicate the product benefit to customers to increase sales. Promotion might include public relations, direct marketing, advertising, and social ads as well. You must maintain the trends and look into the latest marketing technologies to promote your product.
Every 4P of marketing strategy should be considered when it comes to deciding its price and promotion. Also, you need to think of how to manage inventory effectively through digitization for better sales and broadening your business horizons.
