The 4 Ps Of Retail Today
One of the easiest ways to remember things is by using tricks like a list of items starting with the same letter. Jerome McCarthy came up with the 4 Ps of marketing for retail in 1960 — Product, Price, Place, Promotion. It’s been considered a basic mantra for gestion de vente au détail ever since, but things have changed a bit.
The 4 Ps: Then and Now
Gestion des produits is the thing you are selling. In the past, products were a bit more mysterious and difficult to obtain, but today’s shopper can look up information on any product, from manufacturing techniques to raw material source. Reviews of products, analysis of the various changes made to a product, and more, are easy to get from some research on a smartphone.
prix is the cost to get that product into your possession. In the past, that price was paid in cash, check, or credit at the register and used as a tool to get people to come to your store. Today, that credit could be charged on an app, and the price is only part of the equation because the lowest price could be offered by an online competitor.
Place used to mean the brick-and-mortar store and a spot on the shelf. Now it means a page on a website, too, and mentions on social media. Place today is every place a shopper looks to find a product.
Promotion is no longer an ad campaign on TV or sales signs on the window. Today’s consumer increasingly expects interaction on social media, rankings in search engine pages, and responsive sites for mobile devices.
Expand The 4 Ps For Today’s Market
The old memory trick of the 4 Ps is still valid, as long as the definition of Product, Price, Place, and Promotion is expanded to meet the reality of today’s retail environment. Using ChainDrive’s integrated retail management solution for Merchandising is part of the solution for meeting that challenge. The more technology is accurately used to accomplish tasks, the better a business can expand its old way of operating to successfully compete in today’s retail environment.
Read more about six merchandising techniques that useful to any type of retail store and give you some ideas on how to effectively improve your merchandising.