Entrepreneurs must start by defining the image they want to convey. They also need to determine what they want to sell, where and at what price.
A good marketing strategy should ensure coherence between the company's product policy, price policy, distribution policy and communication policy. This is what is called the "4 Ps" or the marketing mix.
- Product: The physical product, service, brand and after-sales service;
- Price: Refers to the pricing of the product and its financial cost to the customer;
- Place: Covers all decisions related to the distribution channel (retail networks, distribution through its own stores, e-commerce, etc.);
- Promotion: Refers to all the means implemented to inform and attract customers.
These four aspects form the basis of a company’s promotional effort. These are the prerequisites to be met before launching the promotional campaign itself. In implementing these 4Ps, the company chooses to develop a unique product by setting a competitive price that reflects the perceived value. It also ensures that appropriate distribution channels are selected and that targeted, relevant promotional campaigns are conducted.
