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Once you’ve set your marketing objectives and developed a strategy to achieve them, the next step is to create a plan for making that strategy a reality. 

Many businesses find it helpful to think in terms of the four Ps.

The four Ps approach to marketing

To effectively execute your strategy, consider the following key areas:

Product

Consider what your product offers that your customers value. Ask yourself:

• Does my product need any changes to better align with customer expectations?
• How can my product be improved to meet customer needs more effectively?
• What changes can I make to help my product stand out in the market?

Pricing

Decide on your pricing strategy. For example, you might choose to:

• match competitors’ prices
• charge a premium price for a high-quality product or service
• focus on fewer high-margin sales or aim for more sales with lower margins

Remember that some customers may seek a low price to meet their budgets, while others may view a low price as a sign of quality levels.

Place

Think about where and how you sell your product. This includes choosing the right distribution channels, whether it’s online, through retailers, or another option.

Promotion

Determine how you will reach your customers and potential customers. 
Some examples of promotion include:

• advertising: the basics
• public relations (PR)
• direct marketing: the basics 
• social media
• pay-per-click and paid search advertising
• email marketing
• telemarketing

Expanding to Seven Ps

For a more comprehensive approach, you can extend this to seven Ps:

• People - for example, you need to ensure that your employees have the right training.
• Processes - the right processes will ensure that you offer a consistent service that suits your customers.
• Physical evidence - the appearance of your employees and premises can affect how customers see your business. Even the quality of paperwork, such as invoices, makes a difference.