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Four P’s Template
The P’s in the Four P’s Marketing Mix Model stand for Product, Price, Promotion and Place. These elements are sequential, meaning the information from the previous one influences the manner in which the following element should be considered. Therefore, it is advisable to think through the elements in the order presented. Each of these elements is briefly discussed below:
Product: Regardless of whether it is a material good or intangible service, every individual in the organization, especially those on the marketing team, need to have a thorough understanding of what product or service the organization sells. The good or service should be something that is desirable to customers and fulfills a basic need.
Price: After all relevant parties have developed a complete understanding of the product or service being sold, the organization can determine its cost. Price needs to be thought about very carefully as the cost of the product or service has important implications for the organization. More specifically, cost determines where the product or service is placed in the market (i.e., whether it is considered a high or low quality brand), how much profit the organization will accrue, how desired the product or service is to the customers, as well as the strategy used to advertise it.
Promotion: Promotion is mainly concerned with the manner in which information about the product or service is relayed to the client. Information can be disseminated through paper or media advertisements, social media websites, through , etc. Notably, for whatever outlet(s) is (are) selected, particular focus should be given to how to distinguish your organization’s products from its competitors or what is particularly valuable about the product or service. If this information is not prominently featured, the amount of profit attained from the good or service will be limited.
Place: Determine the proper location (e.g., in-person, online, etc.) to acquire as many customers as possible. In particular, once the marketing team has decided what information about the product or service will be disseminated, careful attention must be placed on determining the proper outlet that will best engage potential clientele.  Additionally, when thinking about this element, contemplate the best mechanism for actually delivering the product or service to the customer once they have decided to purchase it.
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2. Four P’s Template Product (what product needs to include)
Price (the pricing model & strategy)
Target Market
Place (where customers will come from)
Promotion (product promotion strategies)
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