The 4Ps of marketing- product, place, promotion, and price – must be considered when marketing a product or service. Framing your marketing strategy around the 4Ps will help you learn about the competition, understand what the customers want, and increase your profit and sales margin. Additionally, thinking about your marketing in terms of the four Ps will help your brand reach a broad audience effectively, enhance your brand’s image, and increase brand loyalty.
In this article, you’ll learn:
- What is a marketing mix?
- 4Ps of marketing in 2023
- How to use the 4Ps of marketing to create promotional strategies?
What is Marketing Mix?
Experts define marketing mix as businesses’ tactics to promote their products or service in a market. It encompasses factors considered when marketing a product or service, like customer needs and requirements, perception of a product or service, competition, and brand image.
It is also referred to as the 4Ps of marketing and can also include components like packaging, people, and positioning.
What are the 4Ps of Marketing?
Price is the cost of a product or service.
Every brand wants to profit and improve its sales figures over time. Therefore, when coming up with a pricing strategy, keep these things in mind:
- Competitor’s pricing strategy
- Customer’s purchasing power
- Discounts and offers that can enhance sales or customer experience
Many companies are adopting sustainable pricing strategies, offering more value at less cost. The main aim behind it is to increase customer loyalty and retention. Festive discounts, seasonal pricing, etc., are examples of sustainable pricing strategies.
Product is the physical entity or the goods or services being marketed to the target audience.
Your brand’s product could be a physical entity, an online app, or a service like a salon, household cleaning, etc. Therefore, when you think about a product, identify precisely what you are selling. A product or service. Then, focus on brand messaging, target audience, competition, branding, logistics, and other functions.
Note: Always remember it is essential to know your product intimately before marketing it. You must understand what makes your product unique, how it differs from the competitors, etc.
Promotion is how you market your product or service.
Here, marketers devise strategies to publicise and advertise a product or service. They discuss the brand message, create brand awareness through online and offline promotions, and monitor lead generation strategies.
Brands must consider how, when, and where they will promote their brand.
Here are some of the ways of promoting a product or service:
- Print Ad
- Radio Announcements
- Television Ads
- Social Media Ads
Place is the physical location where brands will sell their products or services.
Typically, place means the physical location of selling goods or services, interacting with customers, and identifying your competition, among others. However, the advent of social media has changed the definition of place. Today, brands sell their products or services on search engines like Google, and Yahoo and social media platforms like Facebook and Instagram.
Thus, when thinking about the place, consider the distribution channels and outlets you can use to sell your product, and believe whether your business is B2B or B2C.
Here’s why the 4Ps of marketing are essential:
- Provide a roadmap to achieving the company’s objectives and goals.
- Help initiate change across all business processes.
- Help in marketing the right product, to the right people, at the right place and time.
- Develop products or services that match the customer’s preferences.
Marketing mixes in 2023
Marketers are adopting the five Ps, seven Ps, and five Cs of marketing. Here are some of the common marketing mixes of 2023.
- Five Ps of marketing: It includes the product, price, place, promotion, and people.
- Seven Ps of marketing: It includes the product, price, place, promotion, people, processes, and physical evidence.
- Five Cs of marketing: It includes customers, companies, collaborators, competitors, and climate.
The marketing landscape is evolving rapidly, and to connect with the evolving buyers; you need knowledge of new tools and techniques, which can be acquired by taking certification courses.
These programmes will equip you with the fundamental knowledge, skills, and frameworks needed to thrive in the dynamic landscape.
Emeritus India has some of the best marketing courses offered in association with renowned institutes like IIM, IIT, and ISB. These programmes are designed for fresh graduates and experienced professionals. Joining our certificate courses will equip you with the skills and knowledge required to evolve and keep up with the dynamic business landscape.
Which among the 4Ps is the most important?
All four Ps are essential components of a marketing strategy. They work most effectively when marketers use them together.
Are the 4Ps of marketing still relevant?
The 4Ps of marketing- product, price, place, and promotion are still relevant and helpful. Brands use them to attract new customers, achieve their business goals, and introduce the product to the market.
When to use the 4Ps of marketing?
The 4Ps of marketing provide a framework for a brand’s marketing strategy. You can use them when planning a new product launch, evaluating the existing product, trying to optimise new product sales, etc.