When writing your marketing strategy it is important to remember the “Four P’s.” This includes Product, Price, Promotion and Place.

  1. Product – Before you sit down to write your marketing strategy, you should have your product or service clearly defined. Answer the following questions: What is the product or service? What need will it satisfy?What is the unique selling point of your product or service? How will it differ from the competition? Why will people buy it?
  2. Price – It is important to create a pricing schedule which generates attractive profit margins while at the same time is reasonably priced from the consumer’s point of view. People are concerned with the cost of products and services and before they decide to purchase one, they need to feel that it is a worthwhile investment. Answer the following questions: How much does it cost to create my product or service? How much does my competition charge? What is the balance price between sales volume and profit maximization?It is recommended to take a survey amongst family and friends asking them what they think they would be willing to pay for your product or service.
  3. Promotion – When considering promotional tactics, you must decide the most strategic product position that will capture your target markets. Answer the following questions: Will you create a premium position and charge customers according to the brand image?Will you create a discount position in which customers believe they are always getting a deal? How can you advertise and market your product inexpensively? How much does it cost to advertise through the more expensive  channels such as print advertising, television advertising or internet advertising? Which marketing methods would work best for your product or service?
  4. Place – Distribution channels are essential to the success of any company. If a customer does not know a product exists or if they know it exists, but they do not know where to purchase it, the company will be at a disadvantage. Answer the following questions: How will you deliver your product or service to the end customer? Will my product be sold in a store? If so, how do I get my product to the store? What sales channels will you use (phone, store, internet, etc)?

Written by Shosh Pincus

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