The Market and Four P Tool

Abstract

Strategy Question: Is there a simple way to structure my strategy effort?

Summary: Many people, excited to start their planning effort, simply begin at the wrong point. Our definition of strategy calls for “understanding a firm’s position within a competitive environment.” Marketing 101 provides a perfect guide to structure efforts in developing strategy. These are based on the four P’s — Product/Service, Price (or cost), Placement (or Channel — how do the firm go to market?), and Promotion (or advertising, web presence, etc.) relative to a given market. We offer this tool as guideline to (1) understand a firm’s markets, and (2) understand the competitive position of the product and/or service, price (cost), placement (channel), and promotion.

Citation

Fairbanks, S. and Buchko, A. (2018), "The Market and Four P Tool", Performance-Based Strategy, Emerald Publishing Limited, Leeds, pp. 15-21. https://doi.org/10.1108/978-1-78743-795-120181003