Every time’marketing’’ is mentioned, the ‘4 Ps’ is a first thing that comes to mind.
The abbreviation includes Product, Price, Place, and Promotion. These are the
various broad elements which have to be included in any marketing strategy and
implement all the essential functions to achieve success. Each P has an important
contribution in the introduction & sales of the product or a service to the
customers. In this paper, we will discuss what all these 4 Ps mean and how you can
utilize them in expanding.
What are the 4 Ps of Marketing
The 4 Ps, also known as the marketing mix, has been derived to assist businesses in
clearing out essential issues relating to product launching. The 4Ps of marketing
has existed ever since the 1950s and even today the framework remains helpful in
pushing marketing as an activity. Each of course has got its specifics. Let’s break
them up:
Product
The product is the foundation of any other marketing approach. Everything comes
into play Driving It to Good perspective and selling more of your product or
service. When it is necessary to generate or do marketing of a product, the first
question that arises (and it is logical): what is its purpose? Another question needs
answering, which also describes the product. What’s different in it?
Let’s consider the example of iPhones. When Apple introduced this product it was
not a mere mobile phone. Rather, it was a unique device which offered
combinations of music player, a telephone, and web browser in one place In this
case it was unnecessary for Apple to prove people that they need a phone; they
proved the people how the iPhone is a device that changed the notions of
communication and usage of technology.
How to Use It: Know your unique selling proposition and do not forget to include
that in your marketing strategy. Is your product less likely to be broken when put
into use? Is it less expensive to purchase? Is it providing something that its
competition does not? Knowing these answers helps you craft a marketing message
that penetrates through the ears of the targeted audience.
Price
Price is not just the amount which purchasers are expected to part with in order to
acquire your product. It concerns the value that they place upon the product. There
is an art to price setting in that you want to revenue to cover the costs and make
some profit but remain within the market. Pricing also involves a politicking
relation to the consumers as it will also determine their perception on the product.
When the price is low this attracts buyers who are price sensitive whereas when the
price is high this creates an image of prestige or elitism.
Pondering on such Companies what comes to mind is Rolex. Their watches sell at quite a digestion
cutting price because they tend to be sold as luxury goods. The product in this case
the price becomes part of the product appeal due to its link to the level of class and
elegance.
How to Use It: Define the target audience and identify their budget. What types of
customers are you selling, bottom feeders or high end? Convince yourself that your
price is consistent with your brand and your customers’ expectations. Also,
consider how and when you can afford to run sales or other incentives in order to
win over more customers, without any risk of cheapening your offering.
Place
Place describes the geographical area of sales and the communication with
consumers. It is about the availability of the product within the right time, at the
right place, and in the right manner.
For instance, if the products you are selling are expensive skin care lines, then you
may decide to distribute them in specialty stores and not in mass market chains.
The place complimentary packaging of the product is used affects the way
consumers view the product.
Distribution has certainly evolved with the advent of e-commerce. These days, it’s
not only about making sure that your product sits in shelves in stores. It is making
sure that the product is also accessible over the net, that it can be delivered quickly,
and even sold directly through social media.
How to Use It: Consider the location of the customers and their purchasing
behavior. The question is,
where would they purchase your product more – physical locations, sites, or on
mobile phones and
tablets? Place your product in the location that exists.
Additionally, think about how simple it is for customers to locate and acquire your
product. The simpler you make it to do, the better.
Promotion
Promotion refers to introducing the product to your target market, and convincing
them why they would need it. This change consists of, but is not limited to,
advertising, social media, public relations and any other means of reaching out to
the customers. Promotion is all about spreading what you have and demonstrating
to prospective clients the worth of what you have.
One example would be the vodka brand Absolute still from Sweden. In the 1980s,
they launched an advertising campaign around their well-constructed uniquely
shaped that bottle. They did not say much about the product itself. Rather, they
strategically used imaginative focuses that made the product fresh in the memory
of the consumers. As time went by, this particular campaign enabled Absolute to
expand, transitioning from an unknown vodka producing company into a global
force.
How to Use It: Your promotion strategy should revolve around the places where
most of the target customers are likely to be present Such as are the customers on
Instagram? Do they read such and such magazines? Do they look up certain words
on Google? You should utilize several promotion techniques to be able control
your target population whether it is through online advertisements, changing
people’s minds using social media or using e-mail marketing.
How the 4 Ps Can Be Used in Marketing Strategy
Now that you have asked yourself what the 4 Ps are, the task at hand is how to
incorporate them into the marketing plan. Begin with expanding on each P and
pose to yourself a number of critical questions:
Product: What are the distinctive features of your product? In what way does it
address Client’s need?
Price: What do your market customers consider fair and reasonable? How do your
prices stack against your ethical prices?
Place: What is the main channel of product search for your target consumers?
What are you doing to ease their buying?
Promotion: How do you market your product into the hearts of the target
population?
The 4 Ps can only work at optimum effectiveness if they work in synchrony with
one another. For example, when selling a high end product (product) at a very high
price (price) you will want to place the product in very grand stores (place) and
promotional methods that endorse the product as a high end item (promotion).
Final Thoughts
Though simple, the marketing strategy of the 4 Ps—Product, Price, Place, and Promotion—remains a valuable tool in devising your marketing strategy. By focusing on the right product offerings, fair pricing, accessible distribution channels, and meaningful promotions, Braand Focus can effectively reach potential clients, expand its brand presence, and drive growth in an increasingly competitive marketplace.
