- Product: The physical product or service must be made to fulfill a need or want of the target market. Some important aspects of the product are: packaging, quality and characteristics.
- Price: The price of the product being sold should be based on various things including; perceived benefit to the consumer, production volume, competition and pricing strategy.
- Place: Place is the method of distributing the product to the consumer and the method of storing inventory. This step includes: transportation, warehousing and distribution channels.
- Promotion: Promotion is your method of communicating with your target market, informing them about your product. Promotion includes: promotional strategy, advertising, personal selling and public relations.
Some people believe the four Ps are out of date, although many marketing textbooks are still including the four Ps, the marketing mix. One alternative to the four Ps is the four Cs which includes: Convenience, Cost to the Consumer, Communication and Consumer Needs and Wants. The four Cs are very consumer oriented which seems to be the trend of marketing. There is also another variation of the four Cs which includes: Customer, Competition, Cost and Communication.
Whichever you prefer, you should follow at least one of these frameworks before marketing your product or service – you will find it very beneficial.