The four Ps of marketing are the process of creating, communicating, delivering and exchanging. These are different from product, place and promotion, and they fail to encompass the entire marketing process. Product and place are important elements of marketing. When marketing a product or service, the price must link to its value and benefit to consumers. In addition to product and price, marketers must consider seasonal discounts and competitors’ prices. Some business executives may raise the price of a product to give it a more luxurious appearance, while others may decrease the price to lure more consumers. Both types of pricing can generate leads, while discounting can give the impression that the product or service is not luxurious or exclusive.
The real purpose of marketing is to own your market. This is not achieved by simply talking faster or closing more deals. Smart marketing requires a fresh approach to your company, product and technology. By defining the pie, you can own and lead it. Owning what you lead will lead to leadership. As a leader, you are responsible for your success. Only then can you build a thriving, profitable business. So, focus on defining your role and leveraging the four Ps of marketing to build a marketable brand.
Advertising is a necessary component of marketing. The process begins with the idea for your product, and continues until the product is in the hands of the consumer. Advertising should target current customers, too, to encourage them to purchase your products and services. By creating more customer loyalty, you will also have more money in your pocket. Then, once you have a customer, continue to reach them with targeted advertising. It’s the best way to attract new customers and increase customer retention.