4P Marketing Strategy & How It Is Implemented in Business
One of the goals of marketing is to ensure that the products or services made by the company are known to the public so that the company can get a profit from its sales. So it is not strange when a company is willing to spend a lot of money to create a marketing strategy. The real marketing strategy is not only for big companies, small companies must also have it, for example, like the 4P marketing strategy. The term 4P marketing strategy is the basis that must be used as a starting point when you want to run a business. Especially for small and medium enterprises or SMEs which are increasingly creeping up in number.
However, the problem is that some businesses such as SMEs are still confused in applying or applying the concept of a marketing strategy. Each element of this strategy is mutually reinforcing and will greatly influence the development of your business, especially SMEs. Even if they want to apply and apply it well, it will help their business to be more developed and advanced. Usually, the concept of the 4P marketing strategy is included in the material that is learned first in every lesson about marketing or marketing. Even from the past, this marketing strategy has remained relevant. But of course, in this digital era where businesses know no boundaries, strategies must be more precise and right on target. For those of you who are still confused about the 4P marketing strategy, this article will discuss the application of a marketing strategy concept to a business.
Marketing strategies have various types, one of which is the 4P marketing strategy. The 4P marketing strategy is a collection of tactical marketing tools consisting of product, price, place (right), and promotion (promotion) combined to produce the desired response in the market. Then how do you apply it directly to a business? Check out the following reviews.
4P Marketing Strategy: Product
As a business actor, you must be able to make products or services that are accepted by society. Some of you may be confused, how? or what product to make? You can start by developing your product or service for the better. Ask for criticism and suggestions from your customers, then take all the suggestions and criticisms for consideration and improvement. Apart from that, you can also create any product or service that is of good quality. The quality of a good product or service will of course provide high satisfaction from consumers. Conversely, the poor quality of your product or service will also make consumers disappointed and they will not want to buy or use your product or service a second time.
4P Marketing Strategy: Price
Price is one of the most sensitive things in a business. Generally, consumers will use price as a benchmark to compare them with competitors. So, you need to determine a good price, because the price will affect sales. Do not let you set the wrong price so that consumers are not interested in buying your product or service.
Then how to determine a good price? To determine the real price is easy, you can see the market price or by calculating the COGS and the desired profit, and so on. In essence, the price you offer or charge should be reasonable.
4P Marketing Strategy: Place
Place is one of the P elements of the 4P marketing strategy. Place or location is one of the determining factors for your business. so choose the right location or the right one. That is, choose a strategic and correct location. The strategic location is a busy location, passed by many people. So that potential consumers and consumers are interested and it’s easy to find your place of sale. However, strategy is not enough, there needs to be the right place. Why is that? Because a strategic place if it’s not right or just doesn’t have any effect.
Consider the following illustration: If you sell hijab or Muslim utensils, then sell them in Muslim community areas, near large mosques, or whatever but don’t sell them in non-Muslim areas. If you sell in non-Muslim areas, of course, the sales will not be as much as when you sell in areas near large mosques, right? that’s why you also need to pay attention to choosing a place.
4P Marketing Strategy: Promotion
Promotion is the spearhead of introducing your product or service to the public. With a good marketing strategy, it is expected that sales will also increase. Now that marketing or promotional activities are easier to do, you can take advantage of social media such as Facebook, Instagram, place advertisements, sponsor cooperation, participate in bazaars, and much more.
That is the meaning and how to apply the 4P marketing strategy. Easy right? You don’t have to have a big business venture to implement this 4P strategy. Precisely whatever your business is, it is crucial to implement this strategy to its full potential. But remember, no strategy is the same as one another. Adjust location conditions, promotional targets, consumer purchasing power, to your products with the surrounding situation. Don’t push to lower or raise standards just to keep up with other businesses that are already hype. Of course, this research will not take place easily. There is a trial and error process that needs to be done before really finding the right pattern of implementing the 4P marketing strategy.
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