Understanding the Four Components of Marketing

Marketing is an essential part of business, and every businesswoman should understand marketing in it's basic form. Marketing has four main components that are important to know and identify. They are:

• product/service
• price
• place
• promotion

In order to truly understand the four main points of marketing (sometimes called the 4P's of marketing) you need to know which questions to ask in order to define and plan your marketing strategy. Here are some examples of what questions you can ask.

Product/Service

• What does the customer want from the product or service you provide? What needs does it satisfy?
• What features does it have to meet these needs?
  • Are there any features you've missed out on?
• How and where will the customer use it?
• What does it look like? How will customers experience it?
• What is it to be called?
• How is it branded?
• How is it differentiated versus your competitors?

Price

• What is the value of the product or service to the buyer?
• Are there established prices for similar products or services in this area?
• Is the customer price sensitive? Will a small decrease in price gain you extra market share? Or will a small increase be indiscernible, and so gain you extra profit margin?
• What discounts should be offered to trade customers, or to other specific segments  of your market?
• How will your price compare with your competitors?

Place

• Where do buyers look for your product or service?
• If they look in a store, what kind? Or online? 
• How can you access the right distribution channels?
• Do you need to use a sales force? Or attend trade fairs? Or make online submissions? Or send samples to catalogue companies?
• What do your competitors  do, and how can you learn from that and/or differentiate?

Promotion

• Where and when can you get across your marketing messages to your target market?
• How will you reach your audience?
• When is the best time to promote? 
• How do your competitors do their promotions? And how does that influence your choice of promotional activity?

Ask these questions whenever and however often you think is necessary to keep your marketing goals on track. We hope this article gave you a clear and simple review of the four components of marketing!

Are you looking to sharpen your marketing skills or network with other women in business that may have fresh outlooks on marketing? Buy your ticket now to the MACsWomen Success Summit, where women in business connect for a day of business-building and network with each other.