Perfect Pitch : Target Your Market With The 4 P’s
It’s an afternoon visit to the store and you may be thinking to yourself that you simply need to purchase shampoo, dog food, milk and a few other items to bring home with you. This may seem like a simple shopping trip but behind closed doors multiple companies are working to attract you towards there individual products using four strategies in order to gain your business.
This brings us into the store where you now find yourself wondering what brand shampoo do you need… what brand dog food should you purchase… and what brand milk should you purchase?
Behind each of these actions is a marketing strategy which will guide you in the selection process since each brand has created that product with one goal in mind… to attract a target market by carefully creating a unique marketing mix.
Product
The first step of the marketing mix begins with the product itself which can consist of the physical good that you are selling or the service you may be providing. This can involve the packing you use, the quality of your product, benefits that will be received from purchase and branding that you’ve attached to it.
Place
The second step of the marketing mix is the place in which you sell the product making it available for your target market. This step involves the distribution of your product to retailers, special directives in how to handle and care for the product along with other logistical steps in order to ensure your product arrives to your target market in peak condition.
Promotion
The third step of the marketing mix is the promotion which is focused on customer acquisition and retention. This entails the type of advertising you use, the quality and type of salespeople used, publicity and overall promotional objectives.
Price
The final step of the marketing mix is coming up with the right price for your product. This step is important since you have to evaluate the quality and prices of competitors, estimate the reaction from your target market and how to effectively use discounts and allowances.
Objective
By effectively utilizing the four P’s to create your marketing mix you’ll be able to reach your target market and help guide them in decision making when they make a purchase. The customer described earlier likely fits into a firms target market and will have a certain brand of shampoo, dog food and milk that is there preferred option to purchase; this item is then placed at that store which through promotion has become something they are accustomed too and by having the right price they will be incentivized to purchase it.
The first step in successful marketing is carefully evaluating your target market so you can come up with a strategy and plan specifically catered to them.
