Just as leap year only happens once every four years, we thought it would be relevant to talk about the four Ps, or four performance elements that can influence a customer’s buying decision.

1. Product: What is the product/service and how does it relate to your customer’s wants or needs? This also includes warranties, guarantees or support for the product/service.
2. Pricing: What is the price your setting for the product? Are you including any discounts?
3. Placement: This includes your current advertising efforts, sales promotions, public relations, and various other methods for branding your business.
4. Promotion: How does your product get to the customer? Are you selling it online or in a retail store? What is the geographic region you are selling your product to, and what is the demographic segment (single adults, families, businesses) you are targeting?

So how does this help you?

These four elements are often called the marketing mix, and the answers help your marketing team develop a plan that’s right for your business. Remember that this is a very “inside-out” viewpoint (from the company’s perspective), and should be used in conjunction with an “outside-in” approach (how the customer perceives your business).