While studying any article or your textbook, you must have somewhere came across the term 4Ps of Marketing. Now, what are these 4 Ps? To explain, there are four basic pillars of any marketing strategy that constitute the whole of it. The 4Ps indicate ‘Product, Price, Place, and Promotion’. In short, it falls under the bracket Marketing Mix introduced by McCarthy in 1960. In this guide, you’ll get an overview of the 4 P’s of marketing explained under the marketing mix.
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Purpose of 4Ps in Marketing
The prime purpose of 4 Ps in marketing includes the identification of the involved key factors. These factors in turn question several questions such as:
- the needs of consumers
- how their products fulfill the consumer’s demand
- how they stand out from their competitors
- how they get in interaction with their existing customers.
How the 4Ps Work
Now that you have a basic idea of what are 4Ps, here are how these 4 Ps work at an individual level.
Product
The product is a good or service that the company offers to its customers. As a basic principle, products should fulfill existing consumer demand. For a successful supply of products to a larger number of consumers, each marketer should understand the lifecycle of a product. It further indicates what businesses can charge for it and promote it in a marketplace. A product includes terms such as brand, services, and packages.
Price
Price refers to the price which consumers pay for a product. The basic terms that price includes are discount offer price, and credit policy. Other key features to which marketers should link their prices are supply costs, seasonal discounts, and competitor’s prices. Keeping in mind the time and audience, the marketers can alter the price, by keeping a discounted value.
Place
The place is a stage where the companies decide to market their products. These spots are the medium of a product’s interaction with the consumer. The place can be any store’s display window, vendor’s bar, or any digital medium. The digital medium includes advertisements on television shows and web pages to seek the customer’s attention and convert them into a consumer. Place includes terms such as market, channel, and distribution.
Promotion
The term promotion means adopting various ways of reaching out to the audience. This includes advertising, publicity, and sales promotion. For the purpose of promotion, most audiences tie the two promotions and placement together for explaining the product details to the consumers.
These are the four Ps that constitute the main principle of the marketing mix. The efficient use of these four ideas can help marketers make their products reach out to a wide variety of audiences. Therefore, it is essential to make a marketing strategy that focuses on the four main marketing principles.
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