What is the Best Marketing Strategy?īecause marketing in the digital age is immensely complex, there isn't a simple one-size-fits-all solution to developing an effective marketing strategy. There are other ways to think about marketing when you're coming up with a marketing strategy, too. They’re very brand-centric, not customer-centric," she said. “What they don’t consider is the audience. “They still matter, but they’re a singular way of looking at things,” Burns said. Alana Burns, the chief marketing officer at Southern New Hampshire University (SNHU), said that the traditional four Ps of marketing are too focused on a brand. Going a little deeper, some marketing experts have shifted their perspective on the four Ps over the years, mainly in response to the internet's seismic effects on so many parts of daily life, including consumerism and marketing. In this way, none of the four Ps of marketing can really be deemed the most important, as they are all crucial considerations in any marketing strategy. And even if you have people who want your product and a well-thought price point, consumers still need a place to purchase the product, whether online or in person. Businesses need to make money to stay afloat, so price is a vital consideration.
Without people, you wouldn't have any customers to purchase your product. You need a product, or you would have nothing to market. It's difficult to determine the most important of these essential components, as they all interact and work in tandem. People, place, price and product are all integral considerations in marketing. As a modern marketing professional, you also have to consider two additional Ps at the very least - promotion and performance - to advertise your product or service correctly and measure the effectiveness of your efforts. Product: What is it your customers want or need to buy?īut there’s a lot more to a successful marketing plan than these pillars.Price: How much value do they place on your product or service - how much will they pay for it?.Place: Where will you distribute your product?.People: Who are you selling your service or product to?.The four Ps of marketing refer to the traditional elements surrounding a service or product that a business owner or marketer has to consider and evaluate to succeed. Tuition & Financial Aid Tuition & Financial Aid.
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