If you are marketing a product, service or idea then you probably have heard of the four Ps. Price, Place, Persuasion and Product. These are not hard and fast rules but rather they are an explanation of why certain marketing tactics work for one product but may not work for another.
Let's take Price first; if your product is very low in price then your customer will not buy it even if it has all the features. They may be willing to spend more money on something else that offers more benefits or it might be a special case scenario. The customer does not care about features but what matters to them is price, that is what determines their buying decision.
Now let's look at the place part of the question; does your product have a place in the customers life? This is where the power of Persuasion comes into play. If you can make your customer feel important by giving them value, using language that shows how valuable their product is your customer base will continue to grow.
If you did a survey of people and asked them where they saw their product first before purchasing it and asked them what they would change or add to it if they could have it, I suspect they would put a lot of value to adding a feature like a water filter. There are always improvements. If they see a great improvement they are more willing to give you their money. So by showing them there are other great things about the product you are trying to sell they are more likely to buy. A great example of this would be cell phones. Everyone likes a phone, but not everyone can afford one so when you offer a free cell phone or a discount for purchasing a phone with their service you have them thinking.
Another answer to the question "What do the 4 Ps mean in a Marketing Strategy" is "make a great deal of sense." You might find that your product has lots of value but customers just don't see it because it doesn't make a lot of sense. Showing the customer that it does make a lot of sense will help them to consider purchasing it. For example, if you make a great coffee you might offer a free coffee with the purchase of a $20 bill. This will build a positive association with the customer and they will be more willing to pay for your product.
Then, you might also say "It's a good product, but people are hesitant to spend money for it." Showing that the product is in high demand will increase your chances of getting a sale. This means making them curious about it. It might also be necessary to run some surveys to determine why people hesitate to purchase the item. Once you have determined the problem, then you can work toward providing a solution
The last answer to "what do the 4 Ps mean in a marketing strategy?" is "It's a valuable product but not enough people will buy it." Your job as the marketer is to determine whether or not you need to make a different product to address this problem. If you determine that not enough people will be interested, then you might want to think about changing your tactics to make the product more appealing.
As you can see, knowing the 4 Ps mean in a marketing strategy can help you when you are creating a product or altering an existing one. Knowing the answer to this question will help you to determine if you need to make a change in order to improve your business results. Sometimes making changes might seem drastic, but they may provide the greatest benefits long-term. Then again, even if a change is not immediately apparent, it could have a great impact on your business profits in the short-term.
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