Product Price Place Promotion-The 4 P’s of Marketing also known as the marketing mix includes Product, Price, Place and Promotion. What are these 4 P’s and why they are important to follow when doing business?
The marketing mix is a foundation model and it is one of the most common and widely used strategy in business. The 4 P’s of marketing are significant because they cover every aspect that your business requires in order to flourish.
Every firm or organization or business have some goals and objectives and these marketing goals are well achieved using this marketing tool and technique. In this world of digitalization, businesses are also influenced and one can not really start a business without any analysis of the customers and their behavior towards certain products and brands.
The four Ps of marketing are quite simple but worthy enough if they are followed. It is quite clear by their name product, price, place and promotion but still you need to understand the 4Ps marketing mix model.
The 4 Ps of marketing
The 4 Ps of marketing include product, price, place and promotion respectively and orders maters a lot. Your business needs to follow these four Ps of marketing and make plans accordingly. Over the past 50 years since 1960 when these marketing 4Ps were first proposed by Jerome McCarthy, they are set as a standard for any business to flourish in the market.
These four Ps of marketing are actually four integral variables that combines to produce stunning results. In 1990, the advance model of 4 Ps was introduced called 4 Cs and this model is more customer-oriented than 4 Ps.
These 4 Ps of marketing are connected with one another and depends a lot on each other. They work together and therefore if one changes, others are linked with it so they are changed accordingly.
The simplest and abstract definition of the four Ps of marketing is to come up with the right product with a right price at a right place and with the right promotion. Let’s discuss in details below each of these Ps in the marketing mix strategy model.
The four Ps of marketing are as follows:
The first P of marketing is the product and as we said earlier that order of these 4Ps matters a lot. Depending on the nature of your business, the product can be physical goods or intangible services. Your objective or goal should be clear and not vague about the product. Your product should be customer oriented and you need to study both the customers buying similar products and your competitors that are producing and selling those products.
You should always keep in mind that all these four Ps including the product must satisfy the customers because at the end of the day, customers are the one running your business. A product should and is made to solve a certain problem of the customers or to facilitate them.
Your product should answer some vital questions. What benefit your product will provide to your customers? Why customers should buy your product instead of your competitors? Does it facilitate your user? Does it ease your customers? What attracts your customers towards your product?
If your product answers all these questions then you are on the track. If not, you have to understand the user more by doing surveys and analyzing the trends. A good product includes everything like design, look, packaging, quality, features, reliability, efficiency, after-sales services and customer service.
The second P of marketing is price and it is as much as other three Ps of the marketing mix. Your pricing policies should concern about customers as they are the one who are going to buy your product. Now, this is an era of digitalization and socialization.
Many businesses are now using internet for advertising their brand and products. Therefore, you need to carefully set the price as customers are aware of market rates of products similar to yours. Your product should not be so expensive that people who can afford it even think twice before buying. Also, it should not be so cheap as compared to the price of similar products by your competitors because customers will think as if you are selling low quality products.
What you should do is to have a clear vision where your product actually stands and what unique features it has that your competitor’s product don’t. Then you have to set a moderate price that is perfect for your product and that your customers can pay. It is important to set an appropriate price to generate profit and to make your customers happy as well.
The third P of marketing is place. Generally speaking, it is quite obvious from the word that you need to find a suitable place to distribute your product. It is obvious that only making a good quality product is not enough unless it reaches the right audience.
But How you are going to know which place is best for your product? What type of people are interested in your products and where they go or access to buy them? For example, if you are making toys and you are advertising your product on news channels or on sports websites. Rarely you will find customers because those will never be interested in buying your product.
An important question that you should consider is that How will your customers find and buy your product? Two most common distribution channels known are direct sales and wholesalers. In this digital modern era, you should not forget the Walmart and online selling of your product. In short, distribute and sell the product where target audience is maximum and keep surveying about what customers want more from your product.
The last P of marketing is place and it completes the 4 P’s of marketing that are Product, price, place and promotion. Promotion as the word suggest means to promote your product. You made an excellent product and set a reasonable price and searched the best place to distribute. But how the audience will know about your product?
Promotion is known as the best source to flourish and make your product known. Public relations, social media, advertisements, email and direct marketing, posters, banners and sales promotion etc. The whole process of promoting involves in spreading the benefits of the products that other products are not providing.
For promotion, it is important that you advertise only where your target audience is. Once your product is famous and liked by customers, your customers become the ultimate source of promotion. Another cheap way of promoting your product is self-promoting.
Final thoughts on the 4 P’s of Marketing
The 4 P’s of marketing Product, Price, Place and Promotion are very important for any startup or running business. You need to see the bigger picture. You must know the thoughts of your customers. You must understand the behavior of your customers. The marketing mix model is not rigid. All four Ps of marketing depends on each other.
In this modern era where new and better products are frequently launched, you need to continuously and consistently map these 4Ps in your business to get optimistic results. New technologies or methodologies also play their part but “Old is Gold” just like always. Therefore, focus on the quality of the product, set a price that tempts customers to buy and promote and distribute where your target audience is.