The 4 Ps of Marketing
The 4 Ps of marketing is a trend that has existed for over 56 years. The term was coined from Neil Borden’s popularized idea of the marketing mix. The concept talks about the ingredients that capture and promote a brand or product’s unique selling points from its competitions.
Neil demonstrated the ways that companies could use advertising tactics to engage their consumers in a remarkable, unique, and more cost-effective way. The 4 Ps of marketing highlights the following.
I am going to go over each element with a fine tooth-comb in order for you to learn how to implement this legendary marketing strategy into your business.
A product is a tangible or intangible substance that is traded for monetary value. The oxford dictionary defines it as an article or substance that is refined for sale. In order to be in business, you must offer a form of product. Be it a service or tangible goods. In order to succeed in any business selling a product, you must have a crystal clear idea of what your product is and its unique selling point.
The price of your product, especially at the beginning of your business, can mean it’s success or failure. People are looking for product alternatives every day. One of the major factors they look out for in alternatives is the price. Why should a customer leave his/her preferred brand and choose yours? How much does your product cost?. Set it too low, and your product looks weak, make it expensive, and you struggle.
Knowing how much a product should cost is not a decision that is made on a whim. It is something that requires adequate market/competition research and planning. Check out how to set prices for your product and services to learn all there is to know about price setting.
You have got your product and preferred price. The next step is determining how to tell the world about your product. In the 4 Ps of marketing, this probably the most important. Without knowing how marketing agencies disseminate your product information into digestible bits, the only customers you will have are your friends and family.
Promotion looks at what differentiates your product and service from that of your competition. It helps you break down your content into digestible bits so your customers can understand your message in a few lines. Promotion includes elements such as advertising, public relations, social media marketing, email marketing, search engine marketing, video marketing, and more. Each touchpoint must be supported by a well-positioned brand to truly maximize return on investment.
Knowing where your ideal customers are located will help you target your marketing. It could be a simple variation such as online rather than offline, or it could be more specific. A more specific place is demographics, gender, country, etc. It is common for marketers to say marketing is all about putting the right product, at the right price, at the right place, and at the right time. This goes to express how important “place” is in the 4 Ps of marketing.
Implementing the 4 Ps of marketing
Implementing the 4 Ps of marketing into your business is easy. It starts with an understanding of each concept, which I’m positive this article has provided you. Here are some questions you should ask yourself in order to make the most out of the 4 Ps of marketing.
- What consumer needs does your product or services fill?
- How does your product meet those needs?
- Where do potential buyers go to look for your particular product or service?
- Define your unique selling point?
- What is the perceived value of your product or service?
- What current interactions do you have with potential clients?
The Bottom Line
I hope the 4 Ps of marketing provides you with a firm understanding of the four keys to marketing proficiency. For further guidance on how to scale your business to the next level, join our community of entrepreneurs changing the world one step at a time.