the four ps of marketing sometimes called the marketing mix is something you likely heard of before but maybe you're not 100 sure what it is or maybe you think that the four ps don't apply to your business because it's too small well think again the same four peas that is responsible for tesla outselling every small mid-sized luxury car manufacturer in the entire us is also responsible for helping life marketing a small business become recognized as one of the fastest growing companies in the us two years in a row i'll be breaking down the four ps
into a easily understandable format so you can use them to grow and maintain a thriving business but before i do if you find any value in this video go ahead and hit the like button for me it helps out our channel greatly and make sure you subscribe so you don't miss a video from us okay let's first discuss what the four ps are the four ps of marketing is the foundation for any sound marketing strategy the pe stand for a product price place and promotion like the legs of a chair if any of the four
are missing or not properly executed your marketing strategy will yield rocky unpredictable results likely causing you to fall flat on your face so individually they're important but together they are powerful let's take a look at each p of the marketing mix individually product your product is the actual product or service you offer for sale the question you want to answer right here is do i have a product worth buying and so what makes a good product well one that solves an actual problem the problem can be physical mental or emotional when you think of your
product offering there are two things you want to consider first what problem am i solving and secondly what makes my product unique from what's currently on the market and once you have an answer you are ready to move to the next p in the marketing mix price price is how much you charge for your product or your service the question you want to answer here is whether my product is priced appropriately so how do you know your product is priced appropriately well there are four main pricing strategies you can choose from the first is cost
plus pricing which is your cost and then adding a markup that you deem necessary the second way competitive pricing setting your pricing based on what your competition charges next we have value based pricing which is setting your price based on how much your customer is willing to pay and lastly penetration pricing which is setting your prices low to enter the market and then raising them later whatever pricing strategy you choose make sure of the following things first your target audience is willing to pay the price you set and the price you set is profitable once
all costs marketing and sales are considered all right let's talk about place the next p in the marketing mix place simply means the location where you sell your product and you know what they say location location location the question you want to answer here is can my target audience be found where i choose to sell my product okay how do you choose the right location well go where your audience is your place can be online platforms such as facebook or instagram or offline in places such as a particular city or a particular state answer these
two questions to help you determine what place or places are right for your business first where are my customers and secondly where are my competitors which brings us to our last p in the four piece of marketing promotion now promotion is any action you take to drive awareness and ultimately sales for your business promotions should consider digital marketing activities like the ones we offer our clients here at live marketing such as advertising email marketing and social media management promotions should also consider actual promotions such as discounts and coupons here are three questions you can ask
yourself to make sure you do promotion right first where does your target audience spend their time online and offline and two what type of promotions or messages do your audience respond to best if you want to learn more about how to promote via digital marketing and gain an edge on your competition then there is one important thing you must do no like right now don't wait go ahead and subscribe if you haven't already we upload videos every week that help you create analyze and dominate your marketing initiatives so there you have it a complete breakdown
of the four ps of marketing product price place and promotion also known as the marketing mix if you found any value from this video at all go ahead and like the video for me and make sure you subscribe i'm quran from life marketing until next time you
