How can the 4 P’s of marketing work for the benefit of a business, like a retail clothing store?
For a retail clothing store, the 4 P's of marketing work for the benefit of the business by providing consumers the right product, at the right price, at the right place, in the right way and at the right time. The 4 P's of marketing comprise a total marketing strategy designed to promote sales growth and increase business profits.
The 4 P's of marketing include Price, Product, Promotion, and Place. For a retail clothing store, Price is what the store owner or management decides to offer their products for - whether a premium price, a discounted price, a sales price, a volume discount to a customer, a seasonal price or something else. The pricing decisions of the clothing store must be aligned with the overall sales and profit goal of the store.
Product is what the retail clothing store decides to sell. This involves their Product Mix as well - what is the combination of products that will optimize sales and profit, while providing customers with the assortment of products they demand. This decision involves styles, trends, and seasons as applies to clothing.
Promotion is how the retail store will get the word out about their products. Will they employ social media, newspaper and/or radio/TV advertising? Will they rely solely on their sales force and face-to-face contact with their customers? Will they have an on-line portal that promotes their products?
Place is the 'where' of their products - how will they distribute their clothing inventory so that they reach a host of consumers in a timely fashion. This involves distribution decisions, inventory management decisions, store location decisions, and supply cahin decisions such as transporting inventory to warehouses and store locations. These are typically head office decisions of a retail clothing chain.
Altogether, the 4 P's represent an organized all-encompassing effort to get products to consumers. Retail clothing stores must focus on the 4 P's or fall behind their competition as these marketing elements ensure they have product available for their customers' as they require them.