Marketing 4Ps: Budget shift helps you grow in 2012

Online marketing – search marketing, display advertising, mobile marketing, email marketing, and social media – spending will grow to $77 billion by 2016, according to a Forrester Research report. That equals the amount marketers will spend on TV advertising in 2011.

Shifting advertising spending will help companies:

  • Adapt to customers’ changing media habits
  • Reduce “daily deals”
  • Emphasize the “4Ps” of marketing
  • Turn smartphones, tablets / consumer electronics into audience-targeting tools

Marketing 4Ps – Refresher

Review the 4Ps of marketing to ensure that your marketing plan is covering all the bases:

Product – A tangible good or an intangible service. Tangible goods are things like hair care products, shave ice treats or gourmet soups.  Intangible products are service-based such as bullying prevention workshops, cancer coaching for healthcare providers or business intelligence analysis. Products have a life-cycle that includes a growth phase followed by an eventual period of decline as the product approaches market saturation.

Price – The amount a customer is willing to pay for a product. Companies may increase or decrease prices based on customer demand or competition.

Promotion – The communication tools marketers use to drive sales. Promotion has four elements: Advertising, public relations, personal selling and sales promotion. A sound marketing plan evaluates the role of each and prioritizes its efforts and budget accordingly.

Place – A way of getting the product to the consumer.

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Susan Maus is a baseball fan. She's a homer for Target Field and writes about the ballparks she visits.