You might have heard a friend talking about the 4 Ps of marketing, or you have come across this term somewhere on the Internet. But you are still ambiguous and curious to know about these 4 Ps. Is it not the case?
Well, there is nothing to worry about. You are not the only one trying to figure out what these 4 Ps of marketing are. The good news is, you are going to learn about them in detail today.
So without more Jibber Jabber, let us dive into today’s topic.
So What Exactly Are The Famous 4 Ps Of Marketing?
In order to construct a house, we need pillars more than anything.
Similarly, to devise a marketing strategy, we need to pay attention to its pillars. So the 4 Ps of marketing are basically the four main factors involved in marketing a service or a product.
It is the concept that involves four primary building blocks of any marketing strategy.
But, what are those 4 Ps of marketing? Here they are:
- Product: Product is what you offer to your customers. A product does not need to be tangible, only like shoes or electronic devices. But it can also be intangible like computer software or legal service.
- Price: Price is what you charge your customers for offering them your product.
- Place: Place is where you display your product or where consumers find it.
- Promotion: Promotion is what you do to sell your product.
While the 4 Ps of marketing may sound simple, they are not as straightforward as they seem when it comes to implementation.
So let us dig deeper to understand and figure out how you can use these 4 Ps of marketing to your advantage.
Magnifying Into The 4 Ps Of Marketing
Number #1 ==> Product
Whatever the company offers to the customers, be it a tangible good or an intangible service, is deemed as a product. A product can be a clothing item or a piece of software. Ideally, products are devised by the companies in order to fulfill the customer demand.
But coming up with a product of your own does not mean that your job is done. You need to market it effectively to ensure revenue.
Marketers need to pay attention to what makes their product stand out from the competition. Only then can they market the product successfully.
Number #2 ==> Price
Right after the product itself comes the calculation of its value among the target market. What we call price is the cost that consumers pay for a product.
The right pricing of a product is not as simple as it seems. Just like entering the market with the wrong product can hinder your business growth, the wrong pricing can do similar damage.
Pricing is usually done by keeping a lot of factors in mind, like:
- Perceived or actual value of the product
- Manufacturing and supply cost of the product
- The equilibrium price
- Price sensitivity of target consumers
- Comeption’s price
Keeping your prices too high can make your sales graph go down, and keeping your prices too low can hinder you from earning revenue. So what is the solution?
While commencing a business, you might want to begin with a low pricing strategy. Until the value of your product becomes high in the eyes of consumers, you should keep your prices low or, in other words, somewhere near the suggested market price.
Number #3 ==> Place
In order to sell your product, you need to market it effectively. But more importantly, you need to provide access to the customers to buy it. And where your product becomes accessible to the consumers is what we regard as a Place.
Thanks to the advent of ecommerce, the purchasing place is no longer limited only to a physical territory. A place could be an online site like Shopify or an offline venue.
Just like pricing, a lot of thought goes into selecting the right place for a product. You need to pay attention to the target audience’s behavior and competition in the particular area you are pondering to sell your product.
For instance, will it be beneficial to sell warm clothing items in a hot country? Well, of course not, duh!
However, you need to make sure that you are going with the right ecommerce platform in the case of online selling.
Whichever the case, make sure to find a place where your ideal customers can be found.
Questions you need to ask before selecting a place to sell are:
- Where can you find your ideal customers?
- Which distribution channel will work best for you?
- Are you a B2B or B2C company?
Number #4 ==> Promotion
Ask yourself, can your business flourish without placing your brand before an audience in an effective manner? Your answer will undoubtedly be negative. That is why promotion is a highly integral part of the whole process.
Once you are done with the rest of the three Ps of marketing, it is time to spread the word with the help of promotion.
Promotion means making use of several marketing techniques to advertise a product, service, or brand itself. The objective behind promoting a product is to make the audience aware of why they require it and why they should pay the price for it.
Now you might be wondering what the ways to promote a product are? Here are the examples:
- Email marketing
- Public relations
- Direct marketing
- Social media marketing
- Gamification marketing
- Affiliate marketing
- Google ads
Paying attention to your marketing strategy is not only essential for achieving business growth. But it has also become vital to survive in the modern marketplace.
No matter how good of a product you sell or a service you provide, it will be difficult for your business to stay afloat if you lack in the marketing department.
It Is Time To Put The 4 Ps Of Marketing Into Practice!
The marketing scene may have changed significantly with the advent of the Internet, but the foundation of marketing is still the same.
Understanding the marketing mix, which we referred to as the 4 Ps of marketing, and considering it while devising a marketing strategy will work wonders for your business.
So if you have understood the 4 Ps of marketing, then what are you waiting for? Put them into practice and start seeing results!