The Four Ps of Marketing
I’m sure you’ve heard of the four Ps of marketing. If not, E. Jerome McCarthy (a marketer) introduced the concept back in 1960. Since then it’s pretty much been a staple in marketing courses and is still used when determining a product or brand’s position.
The four Ps are: Price, Product, Promotion and Place. You can apply the four Ps to retail marketing as well.
Price: Price really helps drive your retail marketing strategy. When do you run sales? What’s the ideal price point on that pair of jeans so that you are moving merchandise, covering your overhead and still making a profit? Costco makes a profit on sheer volume of sales. Luis Vuitton on the other hand, has a completely different pricing model.
Product: In retail, merchandise is product. And product is king. Product can include clothes, crafts, food, electronics, etc.
Promotion: My favorite. Promotion of products include print, tv, outdoor billboards, radio, social media and the internet. Factors to consider? Your location, audience and profit margin. Pretty easy to measure effectiveness in this category – if you’re selling/moving products, you’re successful in your marketing campaigns.
Place: Retail operations can be in a physical store, on the web and any other point of sale.
Shameless Plug: AGS can help you with your retail marketing strategy! We’ve got lots of great ideas that will help your business sell its merchandise.