What are the Four P’s?
The ultimate goal of all marketing is to generate sales with the right development, integration and execution of strategies. As such, when developing your marketing strategy, it’s important to define the four Ps of the marketing mix and understand how they inform the strategy and entice consumers to engage with your products or services.
The marketing mix is executed through the 4 P’s of marketing which are considered as the four main components that influence a consumer’s decision to purchase a product or use a service. These are:
Using the Four P’s in Your Marketing Strategy
The four P’s of marketing model work in relation to each other, and if blended strategically, they can deliver desired behaviors from your target market.
The foundation of any business lies in the product or service that it offers. What problem does your product solve? What makes consumers choose your product over others? Ideally, the product or service should fulfill a particular customer demand or be so compelling that consumers feel the need to have it. Take time to describe the product or service in detail, for instance, if it’s a tangible item, write down the different options, packaging, features, and sizes.
Marketing Plan around Price
The price in the marketing mix refers to what value is placed on the product or service provided. Price is affected by sales cycles, product life cycles, as well as supply and demand. If the price of a product is too low, consumers may question its effectiveness, and if it’s too high, they may see it as overpriced and unnecessary. Different businesses will employ various pricing strategies based on the value of the product, the production and distribution costs, competitive landscape and consumer demand.
Place has to do with the distribution channels that are most suited to a product or service as well as how a product is accessed by the end-user. Will it be sold in a warehouse, garage, fulfillment house, office space or online? The commonly used distribution channels are direct sales and wholesalers. If you operate a local retail store, you will likely use direct sales, whether in-store or online. This strategy also explores where your ideal customers are and on which platforms they’re most likely to convert.
At this stage, you’ll be expected to outline what advertising channels you will use to promote your products/services and the kind of promotional message that’ll resonate with your audience. If your target audience is over the age of 55, promoting on Snapchat won’t be helpful. Word of mouth, print and television can be more effective in this case. For the more tech-savvy audience, you can make use of social media and other online tools for more outreach and conversation.
An effective marketing strategy utilizes the 4 P’s of the marketing mix, which should be centered around the customer. Whether you’re running a startup or an established business, balancing these four components is crucial in positioning a product or brand in the market place. Get in touch with JK Premier Marketing to learn more about effective marketing strategies with the four Ps in mind.