What are the 4 Ps of Marketing?
The Four Paks are key considerations that must be carefully considered and intelligently applied to successfully market a product or service. These are products, prices, locations and promotions.
The four Ps are often called the marketing mix. It includes many factors that are considered when marketing a product, including what consumers want, how the product or service meets those needs or not, how the product or service is perceived in the world, and how it differs from competitors. . , and how the company that makes it interacts with customers.
After the introduction of the four Ps in the 1950s, other Ps were identified, including people, processes, and physical evidence.
Key points to remember
- The Four Paks are four important factors in communicating a product or service to the public.
- The four P's are product, price, place and promotion.
- The concept of the four Ps has been around since the 1950s. As the marketing industry grew, the other P's were identified: people, process and physical evidence.
Understand the 4Ps of Marketing
Harvard advertising professor Neil Borden popularized the idea of the marketing mix and the concept originally known as the four Ps in the 1950s. His 1964 article, The Concept of the Marketing Mix, shows how companies can use advertising tactics to attract consumers.
Decades later, the concept Borden popularized is still used by companies to advertise their products and services.
Borden's ideas have been developed and refined by other major players in the industry over the years. Michigan State University marketing professor E. Jerome McCarthy elaborated on the concept in Borden's article, calling it the "four Ps" of marketing. McCarthy co-authored the book Basic Marketing: A Management Approach , which expanded the idea further.
When this concept was introduced, it helped companies overcome physical barriers that could prevent a product from being rolled out. Today, the Internet has helped businesses overcome some of these barriers.
People, Process and Physical Evidence are extensions of the original four P's and are relevant to today's marketing trends.
Every successful marketing strategy needs to be reviewed periodically. The marketing mix you create is not meant to be static. As your product grows and your customer base changes, it needs to be adapted and refined.
These are the 4 Paks of marketing
1. Products
Creating a marketing campaign starts with understanding the product itself. Who needs it and why? What functions can't be performed by competing products? It may be completely new in design or function and be so exciting that the consumer must have it when they see it.
The task of marketing is to define the product and its features and present them to consumers.
Product definition is also important for its distribution. Marketers must understand the product life cycle, and business leaders must have a plan to manage the product at each stage of the life cycle.
The type of product also determines to some extent how much it will cost, where it will be placed and how it will be promoted.
Many of the most successful products are first in their class. For example, Apple created the first touchscreen phone with the ability to play music, surf the web, and make phone calls. Apple sold a total of $205.4 billion in iPhone sales by 2022. In 2021, it will surpass the milestone of 2 billion iPhone sales.
2. Price
Price is the amount consumers are willing to pay for a product. Marketers must relate price to the actual and perceived value of the product, taking into account supply costs, seasonal discounts, competitor prices and brands.
In some cases, business decision makers may raise the price of a product to make it appear luxurious or exclusive. Or they can lower the price to try more consumers.
The retailer must also determine when and if the discount is appropriate. Discounts can attract more customers, but they can also make the product seem more desirable than before.
Headquartered in Japan, UNIQLO is a global casual wear brand. Like rivals Gap and Zara, UNIQLO creates affordable, trendy clothing for young shoppers.
What makes UNIQLO unique is that its products are innovative and of high quality. To do this, he buys materials in large quantities and constantly searches for the best quality and cheapest materials in the world. The company deals directly with its manufacturers and has established strategic partnerships with innovative Japanese manufacturers.
UNIQLO also outsources production to partner factories. This gives it the flexibility to change manufacturing partners as its needs change.
Finally, the company employs a team of quality textile artisans who are sent to partner factories around the world for quality control. The production manager visits the factory once a week to solve quality problems.
3. Earth
Placement takes into account where the product should be - in physical stores and online - and how it will be displayed.
The decision was important: luxury cosmetics manufacturers wanted to appear in Sephora and Neiman Marcus, not Walmart or Family Dollar. The goal of business leaders has always been to present their products to consumers who are likely to buy them.
This means that the products are only placed in certain stores and presented in the best possible way.
The term placement also refers to advertising a product in appropriate media to attract the attention of target consumers.
For example, 1995's GoldenEye was the 17th film in the James Bond film franchise and the first not to feature an Aston Martin. In contrast, Bond actor Pierce Brosnan drives a BMW Z3. Although the Z3 wasn't released until a month after the film's release, within a month of the film's release, BMW received 9,000 orders for the car.
4. Promotion
The purpose of advertising is to make consumers understand that they need this product and that the price is right. Promotion includes the overall media strategy for advertising, public relations and product introduction.
Marketers often combine promotional and placement elements to reach their target audience. For example, in the digital age, 'place' and 'promotion' factor as much online as offline. Specifically, where the product appears on the company's website or social media, as well as the type of search function that will result in targeted advertising for that product.
Swedish vodka brand Absolut sold only 10,000 cases of vodka in 1980. By 2000, the company had sold 4.5 million cans thanks to its signature advertising campaign. In the campaign images, the brand's signature bottle is presented as a real image: a bottle with a halo, a rock bottle or a bottle shaped like a tree on a ski slope. To date, the Absolut campaign is one of the longest running from 1981 to 2005.
How to use the 4 Ps of marketing in your marketing strategy
The four P's provide a framework for building your marketing strategy. Consider all factors. And don't worry if the factors overlap. It can't be helped.
First, analyze the product you are going to market. What features make it attractive? See similar products already on the market. Your product can be more powerful, easier to use, more attractive or more durable. The ingredients can be environmentally friendly or of natural origin. Identify the features that will make you attractive to your target consumers.
Consider the right price of the product. Not just production costs and profit margins. You can position it as a premium or luxury product or as a simple, cheaper alternative.
Dropshipping is all about identifying the types of online and offline stores that offer products like yours to consumers just like you.
Promotions can only be viewed in the context of the target consumer. These products may appeal to young, trendy customers, high-end professionals or bargain hunters. Your media strategy must reach the right audience with the right message.
What are the 4 Ps of Marketing?
Product, price, promotion and place make up the four Packs of the marketing mix. It is the main factor involved in bringing a product or service to the public.
When did 4P become 7P?
Focusing on the Four P's—product, price, place, and promotion—has been a basic marketing principle since the 1950s. The three new P's expand the marketing mix for the 21st century.
- People emphasize the personality that the product represents. Today, that means not only sales and customer service people, but also social media influencers and viral media campaigns.
- The process is logistics . Consumers increasingly demand fast and efficient delivery of what they want, when they want it.
- The physical evidence is probably the most modern of the seven Petas. If you're selling diamond jewelry on a website, it's important to quickly let consumers know that you're a legitimate, established business that will deliver the promised results. A professionally designed website with great features, an "About" section listing company executives and a physical address, professional packaging, and an efficient delivery service are essential to convincing consumers that your product is not only good, but genuine.
What are some examples of the 4 P's of marketing?
- Location refers to where consumers buy or learn about your product. Today's consumers can discover and buy products online, through smartphone apps, in retail locations or through salespeople.
- Price refers to the cost of a product or service. To determine the correct price of the product, competition, demand, production costs and how much consumers are willing to spend must be analyzed. Different pricing models can be considered, such as choosing between a one-time purchase model and a subscription model.
- The products a company offers depend on the type of business and what it does best. For example, McDonald's offers consistent fast food in a relaxed atmosphere. They may expand their offering, but they won't go beyond their core identity.
- Promotion refers to specific and thoughtful advertising that reaches a product's target market. Businesses can use Instagram campaigns, PR campaigns, ad placements, email campaigns or a combination of these to reach the right audience in the right places.
How to use 4 Pak in marketing?
The 4P model can be used when planning new product sales, evaluating existing products, or trying to maximize sales of existing products.
Careful analysis of these four factors (product, price, place, and promotion) helps marketers develop successful strategies for introducing or re-introducing a product to the public.
Important
The four Ps of marketing—product, price, place, promotion—are often called the marketing mix. These are the main elements involved in planning and marketing a product or service, and they interact significantly with each other. Considering all these elements is one way to approach a comprehensive marketing strategy.
