If you have been a marketing professional for many years, knowing the four Ps of marketing may seem like a step backwards for you.
However, for those of us who work in this industry but did not study marketing in college, it is entirely possible that you have never heard of marketing mix.
Below, let us understand the four Ps of marketing and how they are still relevant in today’s marketing environment.
What are the 4Ps of marketing?
The four Ps of marketing are product, price, location, and promotion. These are the key factors involved in marketing a product or service. When formulating marketing, promotion, advertising, and product or brand positioning strategies, you will consider the four Ps.
The four Ps are designed to help marketers consider all aspects of the product or service when deciding how to market the product or service for their business. Building a marketing framework around the four Ps will help you understand what your competitors are doing and what your customers want from you.
You can use the four Ps to answer questions about the product, price, location, and promotion of your product or service.
For example, you can ask yourself:
- product: How does your product meet customer needs?
- price: How much is your product worth?
- local: Where do customers look for your products?
- Promotion: How do you distinguish your products from competitors?
Thinking about your marketing from the perspective of the four Ps will help you develop a strategy for how to reach customers. The four Ps of marketing are also called marketing mixes.
What is a marketing mix?
Marketing mix is also known as the four Ps of marketing. It refers to the four key elements of marketing strategy: product, price, location and promotion. These elements guide the marketing plan, wording and positioning of the product or brand.
To develop a marketing mix, you need to consider how to uniquely position your brand against the competition. The most important part of considering the marketing mix (or the four Ps of marketing) is to understand your customers, competitors, and your company. You will evaluate your product and how to promote it.
But it was not easy to get started. This is why we have created the ultimate collection of marketing mix templates that you can use to visualize your marketing mix and share it with your employees or investors. Use templates to organize your plans and activities in the right parts.
Featured resources: Marketing Mix Template
Use the template to follow the marketing 4 Ps below.
4 Ps of Marketing (example)
1. Marketing first P: products
When you consider your products, please consider exactly the products you sell. Is it a specific product? Or is it a service? Your product can be a physical product, an online application, or a service such as house cleaning. Really, anything you sell is a product.
Then, consider your brand message, the service you provide, and even the packaging. When you define your product, think about what problems your product solves for your customers. Consider how your product is different from competing products. What is unique about your product?
It is important to understand your product in depth so that you can market it.
We will use Marketing Center for example.
what is it? “Marketing automation software can help you attract the right audience, convert more visitors into customers, and run complete inbound marketing campaigns at scale-all on a powerful, easy-to-use platform.”
Who is it for? Modern marketers deal with too much data and insist on using unusable software solutions, which makes their job harder, not easier.
What are its characteristics? Marketing Hub provides blogging, search engine optimization, social media management, email marketing, and ad tracking tools in an intuitive platform.
What problem does it solve? Marketing Hub brings all data and tools under one roof, simplifying the marketing automation process for busy marketers.
2. The second P of marketing: price
When it comes to price, you must consider how much you want to charge customers for your product or service. Of course, you need to be profitable.
When you present your Pricing Strategy, You also need to consider the charging standards of competitors for the same product or service and the fees that customers are willing to pay. You can also consider what discounts or offers you can use in your marketing.
When you decide the price, you need to consider perception. Do you want to be known as a cost-effective option in your industry? Or maybe you are a luxury brand with slightly higher prices than competitors in the market.please remember SaaS product pricing It is slightly different from pricing physical products.
Either way, the language you use to market your product will be greatly affected by the price of the product.
The price of Marketing Hub will grow as you grow.
We offer the following subscription levels:
- $800/month (professional)
- $3,200/month (enterprise)
3. Third P of Marketing: Location
Speaking of location, this may mean the physical location of your company, but it can also be defined as any place where you sell products, possibly online.
This place is where you market and distribute your products.
Remember, not every place makes sense for every product. For example, if your target market is senior citizens, marketing on TikTok is meaningless. It is important to choose the right place to promote your products and meet with your customers.
Think about the possible distribution channels and outlets you can use to sell your products.Be sure to consider whether your business B2B or B2C.
At this point, you need to consider how to market your products on all the various channels that make sense to your company.
As a provider of SaaS products, we provide a marketing center directly on our website.
Marketers can register for Marketing Hub by creating an account directly on our platform.We created a convenient registration page Free subscription-or they can request a demo from our friendly sales team.
4. The fourth P of marketing: promotion
Promotion is the basis of marketing. This is when you think about how to advertise and promote your products.
In addition, you will discuss brand information, brand awareness and Lead generation strategy.
When it comes to sales promotion, maintaining communication is the most important thing. What information will resonate with your target market? How can you best market your products to them?
Consider where, when, and how to promote your brand.
We want to be the place where marketers are. Most importantly, we want to help them grow in their careers-and grow their businesses.
Our inbound marketing strategy will mainly focus on organic acquisitions. We will promote the marketing center through the following channels:
Use the 4Ps of marketing to develop winning marketing strategies
Although marketing has changed since the development of the four Ps, the basic elements of the industry have not changed. You can apply the concept of marketing mix to develop a successful marketing strategy to help you launch and promote your company’s products in a profitable manner.
Editor’s note: This article was originally published in October 2020 and has been updated to be comprehensive.