Forgotten Hero Of Marketing: 4Ps Of Marketing
The transition from traditional to digital marketing has promoted organizations to focus more on modern advertising and promotional concepts. That’s why it is believed that companies are not emphasizing the 4Ps of marketing as they used to a few decades ago. However, some businesses still build their marketing strategies on a marketing mix. The diminishing value of 4Ps of marketing is one of the reasons why many marketing strategies fail to make waves in the market.
Therefore, brands looking to develop a successful marketing strategy must first work on making a strong and innovative marketing mix. This article will explore the marketing mix in detail, emphasizing its importance in the current business milieu.
Top 4Ps Of Marketing In 2022
The 4Ps of the marketing concept has been widely used since the 1960s. It has helped businesses transform their marketing strategies with the help of the right marketing mix. However, technology and automation have led to 4Ps of marketing biting the dust. In the succeeding part of the article, we will understand the meaning of marketing mix.
What Is The Marketing Mix?
Experts define marketing mix as the tactic businesses undertake to promote their product or service in a market. It is also known as the 4Ps of marketing, including Price, Product, Promotion, and Place. The typical marketing mix only includes the four Ps of marketing, but some also include Packaging, People, and Positioning, among others.
The 4Ps of marketing was developed in the 1960s by E. Jerome McCarthy, who has believed to have taken inspiration for the concept from Harvard Business School’s professor Neil H. Borden’s marketing mix framework. Although McCarthy and Borden suggested a marketing mix for formulating a successful marketing plan, they believed that marketing managers and executives mixed different methods depending on the market condition.
What Are The 4Ps Of Marketing?
Here we will understand the elements of marketing in detail; check out:
Price in the marketing mix is the cost of a product or service that the company offers in the market. Specialized teams work round the clock to build a comprehensive and competitive pricing strategy that accommodates the customer’s and company’s requirements. Moreover, pricing plays a significant role in the success of the product. Therefore, business organizations ascertain maximum resources and time to build a multifaceted pricing strategy that can coexist in uncertain business conditions.
Companies are opting for sustainable pricing strategies that offer more value at less cost in the current business environment. The main aim behind it is to increase customer loyalty and retention. That’s why many brands give heavy discounts and accommodate offers like- seasonal pricing, among others. Therefore, price is an inevitable part of the marketing mix.
Product in the marketing mix is the physical entity a company promotes in the market. It should possess a value that can be transferred to anyone who uses it. Products with no value often fail to encapsulate the customers’ interests and succumbs to end early on in their life cycle.
Product managers and executives work relentlessly to develop a product that matches the customers’ expectations and stands undeterred by the competition and in complex market conditions. Moreover, a product must also have intangible effects on your customers, like inciting happiness, evoking a feeling of satisfaction, and others.
Promotion in the marketing mix refers to how a company advertises their product or service. Through promotion, the products or services can transcend boundaries. Therefore, marketing managers work round the clock to develop effective promotional strategies to ensure that their products or services attract the target audience.
There are many ways a product or service can be promoted. Some resort to traditional methods like print, radio, and television ads. Meanwhile, others opt for digital marketing methods like social media ads, Search Engine Optimization strategies, and others.
Place in the marketing mix is often referred to as the marketplace- where companies sell their products or services. They are often also the distribution channel the company uses to make their product or services available to their target customers. Marketing managers conduct in-depth research before product development and ideation to ascertain the ideal marketplace to launch their product. They choose a marketplace that has scope for growth and less competition. The right place can help you connect with your target audience.
The modern marketing mixes include the five Ps, the seven Ps, and the five Cs of marketing. Here is all you need to know about modern marketing mixes:
- 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 customer, company, collaborators, competitors, and climate.
What Is The Importance Of Marketing Mix In The Current Milieu?
Here are some of the reasons that highlight the importance of the four Ps of the marketing mix:
- It provides a roadmap to achieving the company’s objectives and goals.
- It eases the SWOT, competitive, and other types of analysis processes.
- It helps in initiating change across all the business processes easily without any hassle.
- It helps in marketing the right product, to the right people, at the right place and time.
- It helps in developing products or services that match the customer’s preferences.
There could be different ways to learn new marketing strategies that can reap unlimited benefits to the company and the customers. However, certification courses are one of the best ways to learn new ways to promote a product. Moreover, these courses are online and of short duration, which makes them ideal for working professionals. Emeritus India has some of the best marketing management courses offered in association with renowned Indian and international institutes.