The Four P’s of Marketing

The Four P’s of Marketing identify the four distinct areas which influence the consumer’s decision to purchase goods or services.  It’s important to note that these 4 areas are those that can be controlled by the company. These 4 elements are:  product, price, place and promotion.

After a shopping trip, I marveled at the power of the “Four P’s of Marketing”.  I realized I spent more than I had planned, a lot more.  While I had picked up the office supplies on my list, I also purchased an expensive items that wasn’t. This got me thinking about how important the third P of the Four P’s of Marketing is: Place.

I had “impulse bought” a new external hard drive.  This is something I had needed for a couple of weeks.  I probably would postponed the purchase for even longer if it hadn’t been for the product’s placement. It was right next to an item that was on my list.

Because the company l had their product in the right place, they made a sale.  It was as simple as that.

The Four P’s of Marketing Post Purchase Analysis

In my post purchase analysis – I can honestly say that another P of the Four P’s of Marketing was hard at work along side the PLACE factor and that is PRICE.   Earlier in the day I dropped my oldest son’s computer off for repairs.  This store had set me up with the original back up system.  Their clerk was trying to sell me on setting up a similar system for my son’s computer.  The clerk told me how much the external hard drive would be.  This accomplished two things:

1. The salesperson set my expectations on the price of a new external hard drive.
2. It reminded me that my own backup system was not currently functioning.

As I was shopping for office supplies later that day, I saw the identical drive for about 1/2 the cost quoted at the local repair shop.

Before you slam me for not supporting my local business, hear me out.  I purchased the ORIGINAL external hard drive from them at their incredibly INFLATED price.  A short 8 months later, I needed a replacement.

When you’re talking about price, there’s another element in play here.  I asked the local computer shop about a warranty for my potential 2nd purchase. They told me they’d get back with me.  They never did.   At the big box retailer, I was able to purchase an extended warranty for a minuscule sum.

Product placement’s place in the marketing mix can be diluted when selling online. If I had purchased online the office, I doubt I would have been shown a 1 TB external hard drive as a “you might need this too” purchase.  However, because I needed the office supplies immediately, I went to a brick and mortar store.  Place and price came together and turned my $10 office supply purchase into a $185 purchase.  (The external hard drive was a $175 “add on” purchase.  That’s one heck of an up sell!)

The Four P’s of Marketing and the Type of Sale

The Four P’s of Marketing are easier to identify when your business is making one type of sale. It gets harder when your business is making the other type of sale.

Yet another reason why it’s critically important to know what kind of sale you’re making before you begin marketing your products and services.

Want to learn more what type of sale your business is making?
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