One key to knowing which marketing programs to choose involves thoroughly understanding how to leverage the 4 Ps of marketing ― price, product, promotion, and place ― to reach and appeal to your target audience(s). When you have addressed these strategic issues, you are better able to choose marketing programs with the most potential to increase your business.
Ps of Marketing - Price, Product, Place, and PromotionToo often, we focus on "promotion" to the detriment of other Ps in the marketing mix. When choosing programs for your marketing plan, consider each of the marketing 4 Ps ― price, product, place (distribution), and promotion. You are likely to find the results much better than if you include promotions alone.
The opportunities for incorporating all 4 Ps into your plan are numerous. You may find after studying the competition that increasing or decreasing your price is likely to result in better profits for your business, for example. Perhaps there is a distribution channel, such as electronic delivery or mail order, you haven't fully integrated into your business. With respect to products, developing a new product or giving an existing product a facelift are examples of business-building programs
Marketing decision variables are those variables under the firm's control that can affect the level of demand for the firm's products. They are distinguished from environmental and competitive action variables that are not totally and directly under the firm's control.
The four marketing decision variables are:
- Price variables
Allowances and deals
Distribution and retailer mark-ups
Discount structure - Product variables
Quality
Models and sizes
Packaging
Brands
Service - Promotion variables
Advertising
Sales promotion
Personal selling
Publicity - Place variables
Channels of distribution
Outlet location
Sales territories
Warehousing system
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