Preparing the commercial mind: how to use the four P’s of marketing

In the business world of merchandise marketing, competition is fierce. So if you plan to try your own luck at the game, you better come prepared with business strategies and marketing plans that are sure to hold your own against the competition. If you’ve ever taken a marketing class while studying for a merchandise marketing degree or independently, then you’ve probably learned about the four P’s of marketing. If not, or if you need a review, we’ve listed the four P’s below and how they all contribute to a stellar marketing strategy.

1.Product. In merchandise marketing, it’s important to stay impeccably true to the product you’re trying to sell. Think carefully about all the different features of the product. What sets your product apart from all the others? Why would someone benefit from choosing your product or service over others on the market that are similar? Be sure to highlight these aspects in your marketing plan and make it clear to consumers why your product is superior.

2. Placement. Nowadays, many people choose to shop online instead of going to stores. When it comes to creating strategies to market your product, you need to consider whether you think sales would be better online, in stores, or perhaps both. Given your industry, where might your customers expect to find you? Are your locations convenient and accessible? Do they make sense, given the product you are marketing?

3. Promotion. Promotion is where the real marketing strategy comes in. A promotion strategy generally refers to how you are going to inform people about your product. Additionally, a promotion strategy gives you the opportunity to offer incentives for interest in your product. Maybe you are going to give away coupons with the purchase. Maybe you are organizing a big gala event for your store opening, etc.

4. Price. How will you determine the pricing structure for your product? Setting a price often requires a bit of industry research. Look for other similarly marketed products that are similar to yours. Discover the price range of this type of product. Determine what are the cheapest versus the most expensive prices you can find. The trick is to price your item competitively without unnecessarily reducing the value of your product.

This concludes your review of the four P’s of marketing. Now it’s up to you to launch your product successfully, using your own merchandise marketing skills!