A Quick Review of the Four PS

Marketing strategies generally fall into four categories known as the four Ps: they are product, price, place (or distribution), and promotion. Most marketing managers (sometimes referred to as product marketing managers) have complete control of the product from manufacturing and distribution to marketing and promotions. The end goal, of course, is to make strategic decisions that center the four Ps around the target consumer group in order to communicate an effective value proposition and create a positive customer experience.

The term "product" refers to the tangible, physical product itself. This includes the design of the form factor, the brand name, the features and functionality, quality, safety, packaging, the warranty, etc.

When considering price, marketers must take a holistic view of the total cost to manufacture the product, distribution costs and advertising costs; as well facilitating a competitive analysis and perhaps a focus group to find the target price that consumers are willing to pay. Other considerations include defining a pricing strategy, suggesting a retail price, volume discounts and wholesale pricing, seasonal pricing, and bundling the product with other products.

The distribution of the product (or place) is about getting the product from the warehouse to the customer and all the steps between. Marketers must consider the most effective distribution channels, develop a supply chain management strategy, identify specific channel partners, inventory management, warehousing, order processing, and transportation.

The last thing marketers must consider is promotion. Promotion represents the various characteristics of an integrated marketing communication plan; that is, the communication messages that inform, educate and persuade consumers to buy the product. An effective integrated marketing communication plan would include: advertising (online & offline), personal selling, direct marketing, sales promotions, public relations; as well as establishing a marketing budget and identifying measurable goals.

Is there anything else to think about?

Absolutely. Since we are on the subject of acronyms, introducing the Six Cs of marketing. These concepts are not meant to replace the four Ps, but rather compliment them. They provide a more granular look at the overall marketing strategy while taking into consideration the following: customer, consistency, creativity, culture, communication and change.

Customer this means that an organizations marketing strategy needs to be customer focused. Its about intimately understanding the target market not as demographics, but as real, everyday people. Its about focusing on the target customer first and then working backwards to the product and or service; and then ultimately the brand. Its a never ending cyclical process.

Consistency how many times have you heard mixed messages from the same company's advertising? Marketers need to maintain consistency in their communication messages to reinforce the value proposition to the target consumer. This will also serve to reinforce the brand in a real life context and avoid doing something lame like changing the Nike tag line from just do it to something different.

Creativity it is important to use creativity to attract the attention of the target consumer since they are bombarded with thousands of messages per day. Creativity means laying aside the traditional rules of advertising, and challenges marketers to think out-of-box so that they can tap into their imaginations.

Culture - all marketing messages need to have a cross-cultural component in order to be effective. It is dangerous to think that everyone in the world (including your target consumer) thinks, acts and makes purchase decisions exactly like you. Its not true and having this perspective can prove to be hazardous to your marketing health.

Communication people dont appreciate in your face advertising. They dont want to be marketed to either. They would much rather be communicated with. Effective communication creates value with target customers, speaks in their language and tells your story.

Change dont fight it, embrace it. Change is here to stay! Marketers must constantly change as society changes. They should never be afraid to step out in faith to try something different. Marketing today is not what it used to be; it is constantly evolving and marketers must consider change in the world, economy, market, consumers perceptions; as well as internal change within the organization.

About the author :

To learn more about the Six C's of Marketing, please visit our online marketing blog. Michael Brito specializes in SEO and serves as an online marketing consultant for a variety of small business organizations.

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