Anyone who is not in marketing knows that the “4 Ps” drive everything. It is the one thing people know about even if they have never taken part in a marketing course.

marketing

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Anyone who is not in marketing knows that the “4 Ps” drive everything. It is the one thing people know about even if they have never taken part in a marketing course. While this is not the forum for discussing how this is a gift and curse, I will note that (in my humble opinion) not all Ps are created equal. I personally am quite tied to Price as being the most important. Price is the easiest to change on the fly, it is one of the main drivers of consumers perceptions (price perception), and is one of the most visible to everyone across the supply chain (no consumers know how hard the background of Promotion, Place, and Product are). All these benefits are great, but it can also be one of the most difficult Ps to navigate. Anyone who has ever worked in service knows that Pricing can be one of the most complicated aspects of the service offering. I know that no matter how much value I add to a company in a consulting gig, price is always the thing that everyone flinches at. From the consumer’s side, the struggle is also apparent. Generally, we are not aware what a reasonable cost for a service is due to lack of experience with the service or a lack of a clear, central location to find accurate information. So this discussion is two parts. How do you navigate these issues as a provider of a service? How do you get around complications that arise? As a consumer, how do you consider price when you purchase services? How do you deal with the lack of information and determine what is a good price?

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