Regardless of whether you’re an experienced or an up-and-coming marketer, understanding the 4 p’s of marketing is essential.
In this article we will learn all about the 4 p’s of marketing and how this framework still dominates marketing management decisions today.
Let’s get started.
What are the 4 p’s of marketing?
The 4 p’s of marketing (also known as the marketing mix) are product, price, place and promotion. This framework suggests that these 4 key components are responsible for the success of marketing a product or a service.
Using this framework is supposed to help marketers cover all the basis for a product or a service they are planning to market. Focusing your marketing efforts around the 4 p’s can help you better understand your competition, as well as your customers.
The 4 p’s of marketing can guide you to understanding your product or service better. You can ask yourself questions like:
- What products or services are you offering that your competition isn’t? How do they meet your customers needs?
- Do you offer exclusive pricing options? Is there a customer loyalty program? How does your pricing compare with your competition?
- Where are you located? Is your brand represented through uniforms? Are you using your website or social media to communicate with your customers?
- How are you going to get people to know about your business? Are you going to optimise your website to be discovered on search engines? Use paid advertising?
Using the 4 p’s of marketing in this context can help you to create a clear strategy for your products and services.
Let’s break down the 4 p’s in more detail:
When it comes to marketing a product or a service, consider exactly what you’re trying to sell. You should clearly define your product or service.
Think about your brand messaging – everything from your offer to your social media and even product packaging. What problem are you solving for your customers or what value are you adding? What is unique about your product or service?
Consider these factors and implement them in your marketing efforts.
How much are you charging for your products or services? If your competitors are selling similar products or services, how does your pricing compare with them?
Take into account what customers are already willing to pay and consider offering a discount or loyalty rewards.
Where in the market are you trying to position your products and services? On the lower end of the pricing spectrum you can market yourself as the cost-effective/affordable option. On the higher end of the pricing spectrum, you can go for the luxury/premium product angle.
The price of your product or service will determine the language you use in your marketing efforts.
This could be your physical location, where your office is based. It could also be any place you sell your products or services, including your website.
So place just refers to where you market and distribute your products or services. It’s important to consider this “p”, because it matters where you place your product.
For example, if you wanted to promote your products to older customers, you most likely wouldn’t make social media platforms like TikTok and Snapchat your primary marketing channels.
The final “p” is the cornerstone of marketing. Without promotion you won’t get very far, especially in this day and age.
So, promotion just refers to how you plan to advertise your products or services. Consider your brand messaging and brand awareness strategy. How will you generate leads and sales for your product or service?
Cover all the basis. How, where and when will you promote your product or service?
Once you’ve done your market research, you can effectively use the 4 p’s of marketing to position your brand to stand out from your competitors. Evaluate your product, understand your customer, your competition and learn your brand.
Do you use the 4 p’s of marketing in your strategy? Let us know in the comments.