If you have started a new business, the 4 Ps of Marketing, also known as the Marketing Mix, are a foundational concept in marketing theory. it is important to market your products or services properly. There are numerous strategies applied by different organizations. But not all may suit your specific needs or budget. You do require coming up with the right marketing mix that will help your business to achieve sure success.
Understanding the 4 ps of marketing
The 4 Ps involved in marketing are Product, Price, Place & Promotion. You need to balance them carefully to derive the desired results. The message of the existence of your brand of products or services should reach your targeted audience. These four form the four pillars necessary for any business to achieve success, especially in today’s competitive world. It was a Notre Dame-based marketing professor named Edmund Jerome McCarthy who had developed this concept. His approach emphasized the challenges faced by marketers & in problem-solving. This revolutionary concept helped enhance marketing practices.
Know the 4ps in detail
1. Product:
These are the goods/services offered by your business. In any marketing mix, it is considered to be the main ingredient. Without it, there is no place for your business in the market. Also, you will not be able to advertise or sell anything which does not have any existence or demand. Even tangible products like consulting services or insurance policies should stand out in the crowd. Perhaps it offers a much better solution than your competitors or offers something that no one else has. You need to answer a few questions to get it right:
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- How much better is my service/product than my competitors?
- How can my service/product help users?
- Why should anyone pay to buy my product/service and not from my competitors?
2. Price:
You need to ascertain how much your customers will be ready to pay for your product/service. The fact is that $9.99 is favored more than $10. Your price should seem attractive to your customers and still allow you to make handsome profits. Although 99 cents is just one cent less, the deal is much better when compared to the dollar. Several factors determine product/service price, like
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- The actual cost involved in production & raw materials
- Competitors’ prices
- Demand & basic supply
- Market fluctuations
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The price set for your product/service determines the amount of profits that can be made by your business. It also shows how potential customers view your business in a crowded marketplace. Do you want to promote your brand as an affordable, customer-friendly, or high-priced option exclusively for the elite group?
3. Place:
It shows where you promote your products/services, be it a digital or brick-and-mortar place. The location of your business is of prime importance. How & where your customer gets exposure to products/services is a crucial foundation in marketing. The digital world helps your company to increase its presence. This is because there is no boundary set here to expand your business. The location can be anything from internet pop-ups to product displays to product placement in movies. You need to determine how easily & effortlessly customers can reach your business.
4. Promotion:
There are different channels through which you can promote your products/services. Promotions include using concepts like sponsorships, social media marketing, influencers, brand awareness, etc. It is considered to be among the best of the 4 ps of marketing. It allows you to indulge in more creativity to increase market reach. It is more associated with active communication. Each interaction that your customers have with your company will be etched in their minds for a long time. Do you want to project your company as offbeat, playful trustworthy greedy, uncaring & cold? Any communication with your company will reflect your brand voice.
Hence, you need to sit with a professional to design the perfect marketing mix for your business.
