The 4Ps

For a marketer, this is the meat and potatoes of your plan. This section should turn your crank and float your boat, so to speak. Maybe I’m just a little too excited about it. How could you not be excited, though? Today, is a big decision day. Today you will define the holy grail, the 4Ps: product, price, place, promotion. Get ready.

Product What are you producing? Give the specifications, including color, size, trade dress. Include diagrams and pictures. You’re describing a product for someone who has never seen it (or your version of it) before. Be vivid, be descriptive, be detailed. I should have a mental image of exactly what you’re intending to sell after reading this section.

Price Don’t just pick a price out of the air, do your research. You could use penetration pricing, going for the lowest price in the market to get the largest number of consumers. You can also skim, targeting fewer, higher caliber customers using a higher price. Perhaps you want to ignore competitor’s pricing altogether. Use something like cost-plus pricing, utilizing only your production costs plus a percentage margin. Pricing strategies abound. Check out this article for more info about pricing.

Place Where will you sell your product? What type of retailers do you plan to use? Do you also intend to have an e-commerce side? Where in a department store would you like to be? Would you even like to be in a department store?

Promotion How will people learn about your product? Develop a marketing message, and figure out how you will share that message with your target market in an integrated way (i.e. a PR, advertising, and spokesperson campaign all including the same marketing tagline and images.)

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