The 4 Ps Of Marketing: What They Are And How To Apply Them

The 4 Ps of marketing are the elements of ‘a’marketing mix’ comprising product, price, place, and promotion. They are used when marketing a product or service. Usually, successful marketers take into consideration the 4 Ps when creating marketing plans and strategies to effectively reach their target audience.

What Does ‘Marketing Mix’ Mean?

According to Wikipedia, the term “marketing mix” refers to a set of controllable elements or variables that a company uses to influence and meet the needs of its target customers in the most effective and efficient way possible.

The 4 Ps of Marketing

#1. Product

The product is the good or service sold to the market for the purpose of making profit by satisfying the needs of the target audience.

For a product to meet its market objective, the company or individual must have a clear understanding of the product. A good understanding of the product requires analyzing;

The nature of the prospective buyers of the product.
The features of the product that make it superior to the competitor’s product.
The new features the product has that can compel consumers to desire it when they see it.

A good understanding of the product is also vital to it’s effective distribution. It is important that marketers understand the Life cycle of the product, and to make plans to deal with the product at every stage of the product’s life cycle.

As you are working on your product, it is important to consider potential customers in your target audience and their unique needs, since the main aim of production is satisfying the needs of the consumers.

Some Questions To Consider When Working On A Product

What is your product?
What does your product do? Does the product meet an unfilled need or provide a novel experience?
Who is your product’s target audience?
How is your product different from what others offer?

#2. Price

Price is the amount required to purchase a product or service.

When determining the price for a product or service, it is important to pick a price that is simultaneously affordable to the target market and as well meets business goals. The pricing strategy you use has a significant impact on the success of the product. For example, if the price you set for your product is too high, then very few of them will likely purchase.Likewise, if the price you set for your product is too low, then some might assume that your product is of inferior quality and decide not to purchase it.

Discounting as a pricing strategy can also be a valuable tool for creating customer brand loyalty. You may want to offer discounts to your customers, if so it is necessary to determine if and when it is appropriate, since discounting can generate more loyal customers as well as it may give an impression of inferiority of the product.

Some Questions You Should Consider When Pricing Your Product

What is the price range of your product’s competitors?

What is the price range of your target audience?

What price is too high for your audience?

What price is too low?

What price best fits your target market

#3. Place

Place is the location where you sell your product and the distribution channels you use to get it to your customers; it can also be referred to as placement. The term place also refers to the act of making your product available in the right media to get the attention of your target audience.

Just like price, it is very important to find the right place to make your product accessible to your customers, whether online or offline, since your ability to connect with your target audience depends on the placement of your product

The right place can enable you to connect with your target audience and meet your sales target. Adequate placement entails placing your product only in specific stores and displaying it to the best advantage.

Also, in order to decide the best place to market and sell a product, it is important to consider researching the physical places or digital channels that your target audience visits and get information.

In order to make your products available to customers, it is also important to determine the appropriate channel of distribution.

Factors To Consider When Choosing A Channel Of Distribution

The nature of the product
The nature of the market
The Nature of Middlemen
The nature and size of the manufacturing unit
Government Regulations and Policies
Competition.

Some Questions To Consider:

Where will you sell your product?

Where does your target audience shop?

What distribution channels are best to reach your target market?

#4. Promotion

Promotion are all the activities intended to increase the reach or image of a product. It comprises all activities geared towards making the target audience aware of the product.

Through promotional activities, information about your product will be passed to your target audience through an effective method that should captivate your target audience.

The aim of promotion is to communicate to consumers that they need the product and that it is priced appropriately. Promotion encompasses advertising, public relations, and the overall media strategy for introducing a product to the market.

There are many different ways to promote your product. Some traditional methods include word of mouth, print advertisements, and television commercials. In this digital age though, you can create online marketing campaigns to promote your product, using such channels as content marketing, email marketing, display ads, and social media marketing.

Some Questions To Consider As You Are Working On Your Product Promotion:

What is the best time to reach your target audience?

What marketing channels are most effective for your target audience?

What marketing messages would most captivate your target audience?

What advertising approaches are most persuasive to your target audience?

Other Marketing Mixes

The four Ps aren’t the only marketing mix used today. Some other modern marketing mixes include the seven Ps and the five Cs. Although each of these reflects certain aspects of the four Ps, they also each possess some unique elements that alter their emphasis on the marketing process.

The Seven Ps of Marketing

The seven Ps is an extension of the 4 Ps of marketing. In addition to the 4 Ps, we have people, processes, and physical evidence.

#1. People

People places the focus on the personalities who represent the product. In the current era, that means not only sales and customer service employees but social media influencers and viral media campaigns.

#2. Process

Process conotes logistics. Consumers increasingly demand fast and efficient delivery of the things they want and when they want them.

#3. Physical evidence

Physical evidence is perhaps the most thoroughly modern of the seven Ps. If you’re selling a product on a website, it must be immediately clear to the consumer that you are a legitimate established business that will deliver as promised. it demands that all the services or product you advertise to your target audience is not only good but also real and verifiable. This entails having a professionally designed website with excellent functionality, an “About” section that lists the principles of the company and its physical address, professional packaging, and efficient delivery services.

The 5 Cs

The 5 Cs are customer, company, competition, collaborators, and climate.

In some respects, the five Cs reflect many of the same concerns of the four and seven Ps, but with added emphasis on external factors, such as possible outside collaborations and competitive research.

Furthermore, while “climate” refers to the social, political, and economic context surrounding the market, “customer” refers to the target market and customer experience. “Company,” meanwhile, refers to the place of the company and their available resources in the marketing process.

Importance Of the 4 Ps of Marketing

The importance of applying the principle of the 4 Ps of marketing are as follows:

#1. It creates synergy

The combination of the four Ps of marketing creates a harmonious coordination that amplifies the image of the product.It follows the principle: ”the whole is greater than the sum of its parts.”

#2. It increases brand loyalty and value

Since the approach focuses on the needs of the customers and their satisfaction the product consequently earns consumer loyalty and esteem.

#3. It serves as a link

The 4 Ps from the manufacturing of the product to the promotional activities creates a link between the producer and consumers.

#4. It enables proper integration

The designing of the 4 Ps needs critical thinking and perceptiveness. If they are merged correctly, then your product will find a unique space in the customer’s mind.

#5. It guides Decision

The interdependence and the overarching nature of one element over another guide you in decision-making. For example, if your product pricing is high, then in your promotional activity, you will have to target well-off customers, and your product design must be quality-based. The channels of distribution, location, etc. will also be guided by this decision.

#6. It generates a higher sales volume

The result of all the efforts is higher customer satisfaction and greater market share which is compounded by an increase in the sale of the products.

Which Of The 4 Ps Is Most Important?

Now that we know the 4 Ps, which entail the marketing process, it is time to pinpoint the one that could make or break it for you. Some marketing managers feel that promotion is the key to increasing sales. But advertising is about presenting utility. You cannot promote good health through junk food products.

Pricing is, in reality, a matter of quality, and distribution is also dependent on the target customers. However, target customers decide the quality of the product and its pricing, but what ultimately identifies the target customers? It is your product idea—the product you have conceived. It is the starting point of all thought processes, hence the most important of all Ps.

Why is Product the most Important in 4 Ps Of Marketing Mix?

The choice of your product is going to be the foundation for developing the other three Ps viz pricing, promotion, and place. Therefore, while choosing your product, thorough marketing research is required.

Your research should investigate the needs that the product will serve, the age group that it will benefit the most, the change it will make in the consumer’s life, the naming criteria, firms who are already selling similar products, their strategies and how different can you pitch your product.

What are the 4 Ps also known to be?

The 4 Ps of marketing, also known as the elements of marketing mix comprising; Product, Price, Place and promotion,

What are the 4 Ps of management?

The 4 Ps of management are Planning, Priority, Perspective and Patience. They are useful guidelines which when followed enables the organization or an individual acquire a wholesome perspective and preparedness against any bad situation.

How do you use 4 Ps in marketing?

You can implement the 4 Ps by applying it like this:

Understand the product you are working with.
Determine a suitable price for the product.
Choose a place to sell your product and determine a suitable channel of distribution.
Choose and implement a suitable promotional strategy

Which of the 4 Ps is most important?

The product is the most important element of the marketing mix. Without the product the aim of marketing cannot be achieved, it is the product that ensures consumer satisfaction.

What are 4 C’s of marketing?

The 4 Cs of marketing are customer, cost, convenience, and communication. These four factors decide the likelihood of a company succeeding or failing in the long run.

Summary

The 4 Ps of marketing strategy is the core of business planning. For a company’s product to achieve its sales objective, it should have a good understanding of the product, determine a price suitable for the product (it should be a price the customers are willing and able to pay and cost-effective), find a suitable place to sell the product or a proper channel of distribution to make the product accessible to the target audience, and implement an effective promotional strategy to make the target audience aware of the product.

Good luck as you start up your business!