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What Are the 4 Ps of Marketing?
Perfecting your marketing mix using the 4 Ps model requires a careful analysis of your product in each of the below categories:
- Product: An effective marketing mix starts with a product offering or service that fills a significant customer need. Evaluating how your new product is likely to change over the course of your product line lifestyle is the backbone of a good marketing mix. It’s vital that marketing managers and public relations professionals understand new products inside and out before they devise larger marketing strategies.
- Price: A good pricing strategy is one in which price points are in line with the perceived value of a new product while still being high enough to maintain profit margins. Finding the right price can involve raising a price to make a product or service seem more exclusive, or lowering the price to make a product more accessible.
- Place: Place is determined by the physical environment or online e-commerce market where a product or service is sold. It also includes the delivery method used to get a product to your customers. Marketers have to evaluate the potential customers in their target market to decide what sort of retail business or Internet platform they are most likely to shop at.
- Promotion: Promotion covers any sort of marketing campaign, including public relations outreach and discount strategies. Increasingly, promotional activity takes place over the internet via social media marketing or targeted ads, but there’s still room for old-fashioned advertising via broadcast ads, print ads, or signage.
How to Use the 4 Ps of Marketing to Sell Your Product
When it comes to the 4 Ps—product, price place, and promotion—it’s time to break down how to incorporate each of these elements into your overall marketing mix. Here’s a step-by-step guide to developing a marketing mix using the 4 Ps:
- Clearly identify which product or service you are analyzing. This may sound obvious, but before you start developing a marketing mix, it’s important to have a singular quality product or service that you are trying to market. Even when companies have a diverse product mix, the 4 Ps should be applied separately to individual products.
- Analyze how your product meets the needs of your customers. Your product should clearly serve specific customer needs. It’s important to be able to articulate what those needs are and how your product or service uniquely meets them. You’ll use this information later when you develop a marketing campaign that tells customers what your product does and why they should buy it. You should be able to point to market research and other data that backs up these customer needs.
- Understand the places where your target audience shops. Evaluate what sorts of retail stores and online platforms your target customers frequent. If your product is being sold in a physical location, make sure that it’s available in neighborhoods where your customer base lives and at stores where they shop. If you are selling a product online, be sure that customers in your target market actually shop at the ecommerce sites you are featured on.
- Decide on a price for your product. Draw on market research to set a proper valuation for your product that will appeal to your target customer. Valuation should rely on economic data regarding the budget and spending habits of your customer base. Some marketing professionals will aise their product’s price to make it seem more exclusive or luxurious.
- Formulate marketing messages to promote your product. Develop marketing concepts that will appeal to your customer base and communicate how your product serves them. This is also the stage of your marketing mix process when you’ll decide what types of marketing communications to invest in. Depending on your product and target customer, your marketing plan could use a variety of channels including traditional marketing methods, direct marketing, or digital marketing.
- Look at the four Ps for your product holistically and decide if they fit together. Now that you’ve created a cohesive marketing mix, take a look at each of your 4 Ps and decide if your plan fits together. Constructing a marketing mix is all about crafting a plan where each element works in concert with the others.
- Revisit your marketing mix over time. A successful marketing strategy requires you to revisit and adjust over time. As a product grows in market share and popularity, the place and promotion strategies you use should change to keep up with demand. Your potential buyers might change as might the profile of your product. The elements of the marketing mix are not static. They are meant to be adjusted and refined over time. revisited regularly over the course of a product’s lifestyle, and your marketing plan will most likely evolve.
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