Marketing is a key part of the business, which allows a company to plan, create, and sell a commodity to a shop or directly to customers.
The concept of 4Ps of marketing mix was generally given by Harvard University professor Neil Borden in 1964. After that, the theory has become the impetus for every organization and business student to understand business.
To launch any product in the market, the company has to follow up with the audience to see how they can access the product.
Therefore, with a marketing mix, you can put a proper strategy for launching a product into the market and gain maximum returns. It helps companies to breach the physical barrier involved in selling a commodity.
The strategy is critical for any business to adopt a different approach to selling a product, i.e., place, product, price, and promotion.
Relying on that, let us understand:
What are The 4Ps of Marketing Mix?
The four factors are crucial to market a product or service to the outside world. They suggest an approach for all businesses to follow while they launch a service or product.
This enables you to get maximum market penetration and a greater return for the product. Therefore, it relies on place, product, price, and promotion. Each component is interrelated to create a holistic strategy for a company.
The marketing strategy informs the company to follow the needs and wants of consumers, how to build a product, and what utilities you must add. Following this, the selection of price points comes to attract customers.
Remember: The market price you put on the product will determine its success and failure. Be careful when you select a price.
To read more on the matter, you can visit the website of RealWealthBusiness to enlighten yourself.
Since its inception, several Ps have been added alongside the older ones.
What are The Types of 4Ps of Marketing Mix?
Here are the four Ps of the marketing mix:
Before you think of a strategy, you should create the product, as it is necessary to create or craft an approach. It is the piece that you are selling to the customer.
That’s why you must determine what utilities you can add, features, and benefits. This will build the hype and USP of the thing.
For this, keen knowledge of the product cycle is imminent to get the maximum return from the launch day. The executives must plan every stage of the product cycle to mitigate any irregularities in sales and profits.
Especially if you are a retailer, you are thinking – the retail marketing mix consists of what? It is the product, as the whole business runs around the quality of food and beverages.
Therefore, you must invest more time in manufacturing than other things. The rest will follow after the product arrives.
As the product follows, then comes a price. It determines the accessibility for customers to buy the item. It is an important part of the 4Ps of marketing strategy.
Therefore, before you set the price, you need to segment the customer base based on demography and geographical area. It will give an idea of establishing a price point.
Further, you choose any costing strategies often used by big players like Amazon, Pzifer, Apple, etc. New thoughts will enter regarding the price.
While discussing the strategies, you can choose:
- A cost-leadership strategy like Amazon, where the company gains the market by selling the product at a lower price. Generally, bulk selling is the main criterion to earn a profit.
- Multistep pricing strategy like Pfizer, who sells their medicines at a higher price because they invest heavily in their R&D department
- You can follow Apple. They use a differentiation strategy to sell their product. They focus on making unique and attractive products.
Further, other companies like Zara and GAP also sell their products at a lower cost. This way, they have gained a good chunk of customers.
Hence, there are a range of strategies for you to follow.
Before you launch a product, you need to identify where you want to sell the product. Today, you can sell your products both in offline and online stores.
As per the trend, the current crop of companies chooses the digital platform to launch the product. It brings hype and traffic. Further, it is seen e-commerce brings more sales than offline stores.
This is crucial for retailers, as the launch place determines the product’s success. That’s why they use online and offline platforms to sell their products.
One of the significant parts of the four Ps of the marketing mix is the presence of commodities in different areas: the more accessibility, the more sales.
This is for the people asking, content marketing is part of which one of the four Ps of marketing? Well, here, you can use your creativity to write a well-knitted piece for a product.
Promotion is another key aspect of the 4Ps of the marketing mix, as you need to showcase the product’s utility for selling.
Therefore, content marketers are crucial, as they will add words like affordable, premium, unique, and so on. These words bring in the maximum traffic for the product.
But before that, you must follow the omnichannel marketing process. Presence in multiple channels will help you to promote the product easily.
Further, you can ask your content marketing to create a script for an advertisement. For this, you can view Tesco’s promotions, inviting celebrities to promote the brand.
Sometimes, even their loyal customer appear in the ads to promote the brand.
Besides this, you can use social media influencers, who can use their media presence to promote the items. This way, you can save your money and get maximum market penetration.
Note: Promotion will help you connect with consumers more deeply. Therefore, add depth and creativity during the promotion.
The Ways to Use the 4Ps of Marketing Mix
You can use the four Ps of the marketing mix when planning to launch a new product. It can give you a better idea of the current market and trends.
Further, you can use it to evaluate the existing product and measure its market presence. You can make the necessary changes through the strategy if it needs improvement. You can even determine your sales.
With a careful analysis of the four Ps – product, price, place, and promotion – you can get maximum return from the market. You can strategize and re-strategize to get a product in the market.
Therefore, use the strategy properly. And if you want to read more about the marketing mix, visit the Real Wealth Business website to learn more.
In the end, it is the product that will decide the justification for the strategy. You will get maximum market shares if a commodity or service is good. Otherwise, it’s lost in the wind.
Therefore, analyze the strategy and use it to give maximum satisfaction to customers. In the end, the success of the product and business depends on them.