Discuss the four Ps of the typical marketing mix.
Price: The first of the four P's is price. From the manufacturer to the customer, price must be thoroughly examined all the way through the buying/purchasing process. Make sure you consider everything that the price of a product entails; variables that affect price include distribution, location of distribution, the retailer's price mark-up, competitor pricing and payment plans.
Product: The second of the 4 P's is product. In determining the product, you must ask pertinent questions to further understand the product that you want to sell. For example, "What problem will this product solve?" or "What will be the features and benefits of this product?" You must determine how your product is unique to the market and who is most likely to purchase the product. One important note: make sure you address the features that aren't found in this product. No one product can do everything, so narrow down the features and benefits as well as what the product is lacking.
Promotion: The third P is promotion. How are you going to promote this product? Whether it's through web promotions, traditional advertising, event marketing or another tactic, you need to make sure that your marketing strategy is appropriate for the product, price and customer. An inadequate promotional initiative can waste time and revenue.
Placement: The fourth and final P is placement. Placement clarifies where a product will be sold. Will it be available in both brick-and-mortar retailers and through online merchants? It is important to figure out if product is suited for the placement that you've selected. It is also wise to determine an exit strategy if your product does not do well and you need to find a new sales channel.