The 4 P’s of marketing: Price, Product, Promotion, and Place. In general, a nice mix of all is the recipe for success but many businesses have thrived by mastering just 1 of the 4 P’s.
I started thinking about this the other night when I left my apartment for a late night snack. I am fortunate enough to live conveniently located close to several options for such a morsel: Shoppers Drug Mart 2.5 blocks away, Safeway (closes early though) 2 blocks away, and a wee little “Express lane Foods” corner store open 24 hrs less than a block away.
It was rainy out and even though I’ve established that the food at Express Lane is over priced and seriously lacking in drink diversification, it was nonetheless my destination. Not Shoppers drug mart with its friendly staff, calm lighting, good selection, and lower prices. Nope – the shady Express Lane all the way.
Am I really too lazy to walk 1.5 extra blocks to Shoppers? On this occasion, yes. But more to the point, Express Lane won my business (and does so often) because of Place. In terms of Price, Promotion, and Product, Express Lane is totally inferior to Shoppers. And yet I spend at Express Lane simply because of the location.