The 4 Ps of Marketing
The 4 Ps of marketing help businesses with product & service improvements. The improvements should satisfy the needs of the consumer and in turn, increase sales and improve brand sentiment.
The 4 Ps stand for Product, Place, Price, and Promotion. Each P has the ability to alter the product or service offering. Any change to one of the Ps is typically after extensive research and planning.
Product impacts the product or service the brand is offering to the consumer.
Place is where the brand sells the product or service. Additionally, it includes the accessibility of the product or service.
Price is the cost the consumer pays for the product or service along with the payment methods available.
Promotion has to do with the communication of the product or service to the consumer.
The Importance of Promotion
The communication of the brand's product or service is more important than ever. Consumers have a variety of products to choose from and advancements in technology have allowed access to information at light speed. Consumers will move on to the next best option if 1) They can't find your product or service or 2) The earned media sentiment is negative.
There are three types of promotion. Brands need to invest in all three to see the best business results.
Owned: Assets your brand owns. This would include a website, app, or social media.
Earned: External media communication. Some examples are social media shares, media coverage, and word of mouth.
Paid: Ads that your brand pays for. At the highest level brands can invest in a variety of digital and traditional placements.
How Paid Media Impacts the Ps
Golden Griffin specializes in Paid Media. The media type has the ability to impact each P differently. Paid media has this effect because of the planning and monitoring that goes into it. Our unique, extensive approach to paid media planning & monitoring allows us to drive short-term sales while building lasting brands. Contact us today to see how we can help your brand!
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