Sales Strategy

Using The 4 Ps Of Marketing As A Jewelry Sales Strategy January 02, 2023 (0 comments)

New York, NY--While marketing a product or service, it is essential to consider some factors fundamental to the process. Product, price, place, and promotion are the 4 Ps that retailers must be aware of.

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But it's not just these 4 Ps that define the process. According to a report, the concept of these four Ps has been around since the 1950s, and as the industry has evolved, newer Ps, such as people, process, and physical evidence, have also been identified and recognized.

So, what are these 4 Ps? The first point — Product — discusses the need to understand the product before presenting it. It's also for marketers to understand the product's life cycle. Some questions to ask include: who needs it, why do they need it, and what does it do that a competitor cannot do with their product?

The second factor is Price — the amount customers are willing to pay for the product. Marketers must try to link the product's value to its price while including other factors such as seasonal discounts, competitors' prices, and supply costs.

Retail markets must also be sure where they intend to make the product available — brick or mortar or online. This can be an important decision as businesses try to present their products to their customers. 

Learn more about the remaining P's and how to use them in a marketing strategy in the entire report.