Marketing 4P is a phrase that very often scrolls through topics related not only to advertising, but also management or planning a promotional strategy. No wonder, because it allows you to precisely define what, how, to whom and when to sell in order to achieve success.
What is 4P Marketing?
Marketing 4P is a concept also referred to as “marketing mix”, referring to four key elements of a marketing strategy: product, price, place and promotion.
In this way, the business can determine what and how to sell in order to achieve maximum effectiveness in this area:
– Product: The item or service being sold must satisfy the consumer’s need or desire.
– Price: The item should be sold at a price that meets the consumer’s expectations, neither too low nor too high.
– Promotion: The public must be informed about the product and its features in order to understand how it meets their needs or desires.
– Place: The place where the product can be purchased is important for optimizing sales.
It is worth remembering that although 4P marketing talks about an object or product, this concept is also fully applicable in the context of services.
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4P Marketing History
The beginnings of 4P marketing date back to the 1960s. The person responsible for introducing this concept is Jerome McCarthy, the author of the book “Basic Marketing – A Managerial Approach”. Very often, in the context of 4P marketing and the whole concept, the name of Neil Borden is mentioned – he in turn wrote the article “The Concept of the Marketing Mix”. Since then, the terms product, price, place, promotion began to become more and more popular, finding their way into the marketing strategies of increasingly larger brands. It is worth noting that 4P marketing is a universal concept that is still used today.
The 4P marketing concept in practice
4P Marketing is the framework on which to build your marketing strategy. Think about every factor, from product to price and location to promotion. These are just 4 aspects, but each of them is equally important.
First, analyze the product you are going to sell. What features make it attractive? Consider what the competition has to offer. Find differentiators from your rivals so that consumers can reach for your offer. Identify the features that will make the product attractive to your target audience.
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Consider the appropriate price for the product. This is not just a production cost plus a margin of a few percent. If this were the case, there would never be luxury brands selling expensive products that are worth much less – then the consumer pays for the logotype and what is associated with it: emotions, features and identity.
Promotion includes marketing and sales channels. Depending on the type of business you run, use e.g. Google Ads advertising campaigns or social media marketing. In the case of e-commerce, positioning, i.e. Search Engine Optimization: SEO, is also effective.
The place is to determine exactly where the product will be available. You can choose from a variety of methods. Remember that in the era of digitization it is becoming more and more popular to run an online business in the form of an online store. This means that you can achieve success through sales even in a situation where the product never reaches the physical shelf of the store.
Is the 4P marketing concept still up-to-date and effective?
Many marketers wonder if 4P’s marketing is still relevant. After all, it was created a long time ago, especially considering how much the digital world has developed.
Place refers to where consumers buy or discover your product. Today’s consumers can find out about products and buy them online, using smartphone applications, at retail outlets or through a sales professional (e.g. B2B).
The price refers to the cost of the product or service. Determining the value of a product properly involves analyzing competition, demand, production costs, and how much consumers are willing to spend. Various pricing models can be considered, such as choosing between a one-time purchase or a subscription.
Promotion refers to specific and thoughtful ads that reach your target market. It is still an important aspect of the marketing strategy.
Defining what a product is, what features and what makes it stand out has become even more important than before – thanks to digitization and globalization. Today, many brands compete with each other online. The market becomes crowded and the consumer has to choose one offer out of many.
To sum up, 4P marketing is a concept that is still as up-to-date and effective as possible, which helps to choose an effective strategy for promoting a product or service.