The 4 P’s of Marketing; Product, Price, Place & Promotion

Part 1 “Product”

The marketing mix has been defined since the early 1960’s as a means to create a customer, to keep a customer and to satisfy a customer. It is common throughout the marketing industry that decisions are made following variations of four basic common denominators: Product, Price, Place and Promotion. Imagine them like four separate spotlights, these parameters allow the marketing manager to focus each one towards the target market, the customer that will bring in the most revenue or repeat business. Although highly subjective, this four-part series will share some insight on how you can interpret each category.

The first part of this series is Product:

The term “product” refers to a tangible item as well as a service provided. Here are some examples of the product decisions to be made:

• Brand name
• Functionality
• Styling
• Quality
• Safety
• Packaging
• Repairs and Support
• Warranty
• Accessories
• Service


The product aspects of marketing involve details and specifications of the actual goods or services and how the features bring an advantage or benefit to the end-user. This could possibly include warranties, guarantees, and customer support.

If you participate in the supply chain, industrial distribution or B2B marketing, then you must also account for the long term contractual agreements with your end-users and suppliers that are typical in supply chain transactions. Relationship marketing attempts to do this by looking at product marketing from a long term relationship perspective rather than individual consumer transactions.

You must coordinate your marketing elements to your prospective customer in a way that will draw them closer to you, not drive them away. Consistency in your message is vital. Consider the following example:

You are an industrial safety equipment distribution company that also specializes in construction safety and you cater to government contractors. The products you offer can also be found in any big box retail outlet. Your catalog hasn’t been updated since 2007 which conflicts with the magazine advertisements and promotions being placed by your preferred suppliers.

Do you see where the problems are? Too much confusion can drive customers away. While the example sounds humorous, we work with customers who have faced that same scenario. They have resolved to focus their resources towards a specific target, bringing in new prospects and repeat business, by using a consistent message in print, on the web and through trade show banners and displays.

After looking at your marketing mix you may find discrepancies that surprise you. Always make sure that your marketing mix has a message that speaks in unison.

Todd Guenther, September 23, 2009

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