What are Marketing 4Ps?
We've been discussing the marketing strategy in a previous post written by Anne Foster, Then we've posted another post about the Marketing strategy objective written by Melody Bedingfield and now we're going to discuss the usage and importance of 4ps of marketing mix and what are 4 Ps of marketing in the first place and we're going to take 4 ps of marketing example for each P.
What Are the 4 Ps?
The 4ps of marketing mix, The four Ps of marketing is the main factor that is involved in the marketing of a good or service. We count them as the product, price, place, and promotion of a product or service. Often referred to as the marketing mix, the four Ps are constrained by external & internal factors in the business environment, and they are interacting with each other.
4Ps of marketing mix was used by the firms to identify the major key factors for their own businesses, including what customers want from them, how their products, projects, or service meets or fails to meet the required needs, how their products, projects or services are perceived in the world, how they are standing out from their competitors, and how they are interacting with their customers.
Something you need to know:
- The four Ps are the main factors involved in marketing a product, project or service to the customers.
- The four Ps are known as the product (the product, project or service), the price (what the customer pays), the place (the location where the product was marketed), and promotion (the advertising methods and ways to make this happen).
- It was set in the 1950s; as the marketing industry has evolved, concepts of people, process, and physical evidence have become important parts of marketing a product too.
What are the 4 Ps of Marketing?
Neil Borden (Neil Hopper Borden was an American academic, who served as a professor of advertising at the Harvard Graduate School of Business Administration. He coined the term "marketing mix".) published the base idea of the marketing mix and the concepts that would later be recognized as the four Ps in the 1950s. His 1964 article named "The Concept of the Marketing Mix" demonstrated the methods that companies should use in advertising tactics to involve and understand their customers. Later on, the concepts that Neil published are still being used by organizations to advertise their projects, products and services.
When the concept was first published, the marketing mix assisted companies to account for the physical problems that prevented widespread product adoption. Nowadays, the Internet had helped organizations achieve a higher level of integration between businesses and customers, and overcome some of these problems companies face. People, process, and physical evidence are actual extensions of the original classic 4 Ps and are more related to the current trends in marketing.
How do 4ps of marketing mix work
Ths first 4 ps of marketing example is the product, Product refers to a good or project, or a service that an organization is trying to offer to customers. a product has to fulfil an existing customer’s demands. Or the product might be so compelling that customers believe they need to have it and it creates new necessary demand. To be successful, the marketers need to clearly understand the life cycle of a product, and the business executives will have to plan for dealing with products at every single stage of the product life cycle. The sort, kind or type of a product also partially dictates how much businesses can possibly charge for it, where they have to place it, and how they have to promote it in the market.
plenty of the top successful products have been the first in their category. For example, Apple inc was leading to create a touchscreen phone that can play music, use the internet to browse, and also make regular phone calls. In November 2018, Apple was blocked from providing public sales figures for the iPhone. However, on November 1, 2018, the total sales of the iPhone equalled 2.2 billion dollars. Apple uncovered and published that it had sold its one billionth iOS device on November 22, 2014. And in 2018, the company announced they were approaching selling their 2 billionth iOS device.12
Ths 2nd 4 ps of marketing example is the price, Price is the cost customers are paying for a product and the marketers must have the mentality to link this price to the product's real value, but they also should keep in mind supply costs, seasonal discounts, and competitive prices. In some cases, business executives can raise the price to give the product the appearance of being a luxury. Otherwise, they may lower the price more so customers can try the product.
Marketers also need to keep in mind when and if discounting is suitable. A discount might sometimes drive in more consumers, but it might also hand the impression that the product is less exclusive or less luxurious compared to when it was at a higher price.
Ths 3rd 4 ps of marketing example is the place, Decisions any company makes regarding a place, they are trying to understand where they have to sell a product and how they can deliver the product into the market. The real target of business executives is constantly getting their products in front of the customers that are the most likely to purchase them.
In some cases, this may refer to placing a product in some stores, but it also can refer to the product's position on a specific store's display. In some cases, product placement might refer to the act of including a product in TV shows, movies, or web pages in order to gain more attention and spread awareness for the product.
Ths 4rd 4 ps of marketing example is the promotion, The Promotion includes advertising, public relations, and a promotional full strategy. The target of advertising a product is to reveal to customers why they need it and why they should pay a certain price for it.
Marketers usually want to tie promotion and placement elements together so they can reach their targeted audiences. For example, In our digital era, the "place" and "promotion" factors are as much online as they are offline. Specifically, where a product appears on a company's website or social media platforms page or account, as well as which types of search functions trigger corresponding, and targeted ads for a product.