Website design By BotEap.comIn the corporate world of merchandise marketing, competition is fierce. So if you are planning to try your own luck at the game, you better come prepared with business strategies and marketing plans that are sure to hold their own against the competition. If you’ve ever taken a marketing class while studying for a merchandise marketing degree or independently, you’ve likely learned about the four Ps of marketing. If not, or if you need a review, we’ve listed the four Ps below and how they all contribute to a stellar marketing strategy.

Website design By BotEap.com1. Product. In merchandise marketing, it is important to remain impeccably true to the product you are trying to sell. Think carefully about all the different features of the product. What sets your product apart from all the others? Why would someone benefit from choosing your product or service compared to others on the market that are similar? Be sure to include these aspects in your marketing plan and make it clear to consumers why your product is superior.

Website design By BotEap.com2. Placement. Today, many people choose to shop online rather than going to stores. When it comes to strategizing how to market your product, you need to consider whether you think sales would work better online, in stores, or perhaps both. Given your industry, where could your customers expect to find you? Are your locations convenient and accessible? Do they make sense, given the product you sell?

Website design By BotEap.com3. Promotion. Promotion is where true marketing strategy comes in. A promotion strategy generally refers to how you inform people about your product. Additionally, a promotional strategy gives you the opportunity to offer incentives for interest in your product. Maybe you are going to give away coupons with the purchase. Perhaps you are holding a gala opening event for your store, etc.

Website design By BotEap.com4. Price. How will you determine the pricing structure of your product? Setting a price often requires a bit of industry research. Look for other similarly marketed products that are similar to yours. Find out the price range of this type of product. Determine what are the cheapest prices compared to the most expensive that you can find. The trick is to set a competitive price for your item without unnecessarily reducing the value of your product.

Website design By BotEap.comThis concludes your review of the Four Ps of Marketing. Now it’s up to you to launch your product successfully, using your own merchandise marketing skills!