Minding Your Ps and Qs

Many will be familiar with the four Ps of Marketing:- Product, Place, Promotion and Price. But are you really sure in your mind what all four Ps mean?  Could you define them all? Could you describe them all to someone else?

One analogy that I think makes things much clearer is to think about an arable farm.  The farmer decides which crop to grow in each field, then prepares the ground, sows the seed, nurtures the crop and reaps the harvest.

“Think about an arable farm”

In this case:

• The seeds and the planting process are the equivalent of Product
• The type of soil where the seed is planted equates to Place.  Another equivalent of Place is target niche or ideal customer type.
• The fertiliser and water applied to the soil to encourage growth of a healthy crop are analogous to Promotion
• The harvest which is gathered in, the value which results from the other three Ps, is the manifestation of Price

And for those using cost-based pricing there is a fifth P: Prayer!

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