If you've been a marketing professional for years now, learning about the four P's of marketing might seem like a throwback to you.
However, for those of us who work in the industry but didn't study marketing in college, it's entirely possible you haven't heard of the marketing mix.
Below, let's learn about the four P's of marketing and how they're still relevant in today's marketing landscape.
What are the 4 p's of marketing?
The four P's of marketing, otherwise known as the marketing mix, are product, price, place, and promotion. These are the key factors that are involved in marketing a product or service.
The four P's are meant to help marketers consider everything about a product or service when they're deciding how to market something for their business. Framing your marketing around the four P's will help you learn what the competition is doing and what customers want from you.
You can use the four P's to answer questions about the product, price, place, and promotion of your product or service.
For example, you can ask yourself:
How does your product meet your customer's needs?
Where are customers looking for your product?
What is the value of your product?
How can you differentiate your product from competitors?
Thinking about your marketing in terms of the four P's will help you strategize how to reach your customers.
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Let's dive into the details below.
When you think about your product, consider exactly what you're selling. Is it a specific product? Or is it a service? Your product can be a physical product, an online app, or a service such as house cleaning. Really, anything that you're selling is the product.
Then, think of your brand messaging, the services you offer, and even packaging. When you define your product, think about what problem your product solves for your customers. Consider how your product is different from competing products. What features are unique to your product?
It's important to know your product intimately so you can market it.
When it comes to price, you have to consider how much you're going to charge customers for your products or services. Of course, you need to make a profit. But you also need to think about what competitors are charging for the same product or service and how much customers are willing to pay.
Additionally, you can think about what discounts or offers you can use in your marketing.
When you decide on a price, you want to think about perception. Do you want to be known as a cost-effective option in your industry? Or perhaps you're a luxury brand and the price is slightly higher than competition on the market.
Either way, the language you use to market your product will be greatly impacted by the price of your product.
When it comes to place, this might mean the physical location of your company, but it could also be defined as anywhere you sell your product, which might be online.
The place is where you market and distribute your product.
Remember, that not every place makes sense for every product. For example, if your target market is seniors, then it won't make sense to market on TikTok. It's important to choose the right places to market your product and meet your customers where they're at.
Think about possible distribution channels, what outlets you could sell your product, whether you're B2B or B2C, etc.
At this point, you'll need to think about how to market your product on all the various channels that make sense for your company.
Promotion is the bread and butter of marketing. This is when you'll think about how to publicize and advertise your product.
Additionally, you'll discuss brand messaging, brand awareness, and how to generate leads and revenue.
When it comes to promotion, keeping communication in mind is of the utmost importance. What messages will resonate with your target market? How can you best promote your product to them?
Think about where, when, and how you'll promote your brand.
To develop a marketing mix, you'll need to think about how you can uniquely position your brand amongst the competition. The most important part of thinking about the four P's of marketing is to understand the customer, the competition, and your company. You'll evaluate your product and how to promote it.
Even though marketing has changed since the four P's were developed, the foundational elements of the industry haven't. You can apply the concepts of the marketing mix to any type of marketing.
Originally published Oct 30, 2020 7:00:00 AM, updated October 30 2020