4 P’s of Marketing
Planning a marketing strategy and looking for the perfect mix?
Nothing can be as better as the strategy with 4P’s of marketing to give your strategy a perfect blend. 4P’s of marketing stands for:
1) Product makes the product that your customers want to buy not the product that you want to sell
No doubt that these four aspects of marketing are crucial and most important. With these 4P’s and the right strategy you can win your market and boom your sales, all you need is a perfect blend and you are through. The main sole purpose of marketing is “putting the right product in the right place, at the right price, at the right time.” The 4P’s of marketing are those essential ingredients of a recipe without which the dish is incomplete and tasteless. Product, price, place, and promotion are the most important factors for every marketing strategy or planning as they cover the strategy wholly from production to the delivery stage.
Let’s see how the 4P’s individually are important for marketing strategy:
1) Product: – A product can be either a tangible good or an intangible service that fulfills a need or want of consumers. Product is something that you make which can ease the life of your consumers with its features and services. The product planning is being executed while keeping the audience in mind. If you are designing a product there are certain points that are important like what are your target audience, how your product will be different from the one which is already in the market and is manufactured by your competitor which is basically USP of your product.
2) Price: – Price covers the actual amount the end-user is expected to pay for a product. How a product is priced will directly affect how it sells. This is linked to what the perceived value of the product is to the customer rather than an objective costing of the product on offer. Price is also determined after keeping the factors like production cost, promotion cost and profit in mind. Product price is an important factor that affects your sales directly If your price is too low, you may lose potential customers who are wary of bargain prices. If your price is too high, you may not attract customers who are on a budget. Hence, you should base your prices on the range of services that you offer as well as the level of your education and expertise.
3) Place: – Place is where your product should be for your audience to witness it. The placement strategy will help assess what channel is the most suited to a product. Take note that positioning is all about painting a beautiful picture of how you want your customers to view your product. You need to have a catchphrase that is simple, witty, and easy to remember.
4) Promotion: – The marketing communication strategies and techniques comes under this heading. These may include advertising, sales promotions, special offers and public relations. Whatever the channel used, it is necessary for it to be suitable for the product, the price, and the end-user it is being marketed to. Different platforms serve different promotion goals as they manage different audiences, so it is best to know where your audience is to promote your product with more accuracy.
4 P’s of marketing never goes out of trend as together they make the perfect blend for marketing strategy. Marketing consists of steps in which these elements are very important for deciding your product and its USP, the right price to sell it, the right place to find the audience for that product and the right promotion technique to penetrate that audience all mix-up and forms the marketing.
4 P’s of the marketing mix can be modified to make it suit more to the digital world. With growing technology and change in the audience’s behavior the mix can be called as 4 P’s which help you to grow digitally and can be a break as: –
1. Psychology: – Each audience is unique and that’s how they want to be treated, with giving a feel of personalization to your audience you can win them for a long race all you need to do is a deep R&D about your brand, product and what image it carries to the audience.
2. Process: – This stage is where most of the hard work comes in the stage where you create or process strategies to hit the right segment of the audience. The process is something in making and this stage defines the making or failing of your marketing plan. So, plan it properly.
3. Placement: – There are multiple channels various digital platforms but engaging your money in each one of it is not the right move. Placement of your product or service on the right platform is important because it summons that if your audience will see it and will get attracted to it.
4. Productivity: – Productivity and Quality the P is to keep a tab of what you offer your customers is a good deal or not. This is much more about how your company provides services to your customers than it is about your business improving your own productivity.
At last, there are various meanings to 4P’s of marketing number of definitions but what defines best to your brand should be chosen by you. The audience should always be kept on top while creating any marketing strategy or mix as it’s them that we are targeting to attract.