When it comes to business marketing, there is a key concept that you should know. This is a widely used market analysis tool called the 4Ps of Marketing. In today’s article, we’ll tell you more about the definition of the concept, and the detail of its elements.
What is it?
According to Investopedia, the 4Ps concept is regarded as an essential factor in the marketing of products and services. Moreover, people mostly use it to identify the customers’ needs, brand awareness, and competitive advantages.
According to Mindtools, the 4Ps is a term that often refers to the marketing mix. But, what is the difference? The 4Ps are a model for marketing mix improvements. When you sell your new products or services, you should know the way to analyze marketing options such as product, price, place, and promotion. Besides, the concept was first introduced in 1960 by E. Jerome McCarthy, a marketing professor, in his book named Basic Marketing: A Managerial Approach. On the other hand, the marketing mix is a word that is used to define different types of organizations’ decisions that they make when their products and services launch to markets.
The concept of 4Ps consists of:
- Product is goods or services which a manufacturer or service provider offers to their customers and prospects before they decide to make a product and service. Being an entrepreneur must analyze consumer buying trends, especially proceed with market research surveys and study rivals’ product sales experiences to know how best to satisfy your customers.
- Price is the cost that customers have to pay for when they purchase the product or service. It should be considered by many factors, such as the quality of the product, brand image, competitors’ price, etc. One of the strategies to access and increase more customers is to give discounts, however, you have to bear in mind that it may somehow affect your brand image. The customers can change their point of view when they purchase a discounted product as they may think that products will lose their luxury image or lose the quality. Especially, the high-end brand may sometimes
encounter some problems like this, but whether it’ll be worth it or not, it ups to the long-term goal of the marketers of each brand.
- Place refers to the way a company uses to determine its goods to the marketplace or where a product should be sold. Their aim is to sell their product that the customers can easily access to buy them. There are two types of selling: direct sales and indirect sales techniques. A direct sales model is offering its product to the end consumer such as airlines, a beauty product catalog company, etc. In contrast, indirect sales comprise wholesalers, distribution centers, including various intermediaries. It means the customer buys a product from a third-party vendor, which is not a company directly.
- Promotion consists of advertising, public relation, and strategies. It’ll help you reach more customers as the promotion can help the customers know more about your products or company. Nowadays, many people are obsessed with online shopping, so we can see many brand competitions on online platforms. By posting the products online and coming up with some creative marketing advertisements, it will help customers recognize your brand and be eager to try.
These 4P marketing strategies may sound a little simple for brand owners or business people. However, because of its simplicity, they are sometimes being neglected by many people. As 4P marketing strategies act as the fundamentals of marketing, believe us that if you want to launch some products, please take your time and analyze more about these 4P.
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