Our last few blogs have addressed the need for defining your 4 P's of marketing. As mentioned in our first 4 P's of marketing blog, the 4 P's are:
- Product/Service
- Pricing
- Promotion
- Placement/Positioning
Let's discuss the last P, "Placement".
Placement typically refers to the location where your product/service is sold and how it will be distributed. Where can people purchase it and how will you get your product to your customer? Your location can be a physical location, a virtual store, and/or through affiliates, ebay, Amazon.com and other online locations.
This "P" can also refer to your company's position in the marketplace. A company's position/placement could be how it is different/better than the competition. Knowing how your company can be differentiated from your competition is an important marketing strategy.
A strategic marketing plan should contain these 4 P's of the marketing mix. For more information on strategic marketing plans, click here.
