Capterra Glossary
Four Ps
The Four P’s—typically referred to as the Four P’s of Marketing—are the four key aspects of a successful marketing plan: product, price, plan, and promotion. By prioritizing these four marketing factors, businesses increase the chance that their marketing attempts will entice customers to buy their product and service offerings.
The Four P’s state that the product or service for sale must satisfy customer wants and needs. These principles also assert that the price an item is sold at should be within a price range that the customer expects, neither too high nor too low. When promoting products and services, companies must inform the public about how their offerings work and how they benefit customers.
Lastly, the location in which the product can be purchased should be clearly stated, to ensure that customers know how and where they can purchase the product or service offering.
What Small and Midsize Businesses Need to Know About Four Ps
For small and midsize businesses that hope to scale up in the near future, developing a comprehensive marketing strategy is non-negotiable. A good marketing strategy can help small businesses let the public know they exist, educate consumers on their product or service offerings, and keep their business relevant with their targeted customer base.
The Four P’s does this by helping small businesses ensure that their marketing campaigns push product and service offerings that are relevant to their customer base and priced competitively. The Four P’s also help smaller companies ensure their marketing efforts explain the benefits their product or service offering provide and where customers can find them, providing all information customers need to make purchasing decisions.