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Making assumptions in marketing can cause you to make costly mistakes and possibly incur losses in your business.

That is why according to Dan Zarrella, "marketing without data is like driving with your eyes closed".

This implies that not having data to back up your marketing plan is a huge red flag for your brand!

In Marketing research, data involves collecting information based on research.

So to avoid such losses and lack of direction for your brand, you will need to have compiled data that will inform your marketing strategy.

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1. PRODUCT

Product refers to an item or items the business plans to offer to customers. The product should seek to fulfill an absence in the market, or fulfill consumer demand for a greater amount of a product already available.

2. PRICE

Price refers to how much the company will sell the product for. When establishing a price, companies must consider the unit cost price, marketing costs, and distribution expenses. Companies must also consider the price of competing products in the marketplace and whether their proposed price point is sufficient to represent a reasonable alternative for consumers.

3. PLACE

Place refers to the distribution of the product. Key considerations include whether the company will sell the product through a physical storefront, online, or both distribution channels. When it's sold in a storefront, what kind of physical product placement does it get? When it's sold online, what kind of digital product placement does it get?

4. PROMOTION

Promotion, the fourth P, is the integrated marketing communications campaign. Promotion includes a variety of activities such as advertising, selling, sales promotions, public relations, and sponsorship.
Promotions vary depending on what stage of the product life cycle the product is in. Marketers understand that consumers associate a product’s price and distribution with its quality, and they take this into account when devising the overall marketing strategy.

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