The four P's of marketing are no new concept. In fact, it's most likely the first thing you learn when taking a marketing course. These four "P's" are essentially the four pillars of a successful marketing plan. When you're developing your new marketing campaign or updating your plan, it's essential to keep these in mind and keep your company on track. These four letters, all standing for another facet of marketing, make up something called the marketing mix. Which is in part how I got the name for my company, since the marketing mix is so important to, you got it, marketing! Let's got through the four P's with a popular brand, Budweiser, to make them more digestible.
This means the tangible product or the intangible service that is offered to customers. It's vital to understand your goods and services fully before marketing it so you know what makes it unique. In this case Budweiser is a tangible product that is American made. That face that Budweiser is made in America is an edge they use in it's marketing campaigns. Check out the commercial below:
Price is fairly clear cut. How much do you need to charge in order to get a return on investment? Also, are you appealing to the masses or is your item a luxury brand that is exclusive to those with a fat wallet? In Budweiser's case, it appeal to the masses. The company produce a beer that is affordable to everyone and it's claim to fame is it's drink-ability. Basically not only is it widely affordable, but it is widely liked by beer drinkers.
It's true in real estate and its true in marketing...it's all about location, location, location. Where and when you put your products/services out there will affect your outreach. For Budweiser, you KNOW the company is going to have at least one Superbowl commercial since the Superbowl is a huge american event and it is watched by millions of beer drinkers. Superbowl ad spots are crazy expensive since so many people see them and discuss them afterwards. Comparatively, a 3:00am slot on a local network would cost pennies.
Promotion includes everything and everything the company can do to get the word out. This includes social media, videos, commercials, billboards, ads, and much more. It looks at the best ways to reach it's specific target market. Budweiser's main focus is television ads and "swag" at bars. Let's face it, a bar seems like just about the perfect place to find Budweiser customers.
Hi there, it's me, Michelle! Welcome to my blog. It’s a deeper look into my business and marketing tips for you.