Today 4 Ps of the marketing mix contains great significance in the business world. You need to have a great understanding of the 4Ps of Marketing to take your business to great heights. The 4Ps are the important key factors in marketing. The 4 Ps of the marketing mix are a product, price, place, promotion.
What are the 4 Ps of the marketing mix?
Product: What you want to sell, either goods or services.
Price: What the consumers pay.
Place: Where your customers look for your products.
Promotion: How the customers know about your products.
By using this concept established in 1960 you can focus on marketing in this digital era and make the business successful. The 4 Ps of the marketing mix strategy may look easy to you. But when you make a strategy for a product or business you need to consider many things because if one of the things is out of alignment then your promising product will not be successful which will lead the business to lose its reputation and money.
Understanding 4 Ps of the marketing mix:
For marketers to make their product successful, they make use of the 4 Ps of the marketing mix. To understand this concept, we need to explain it in detail down below:
The product here is the item or service that a business wants to sell. These products or services can be any physical product or services like legal services etc. A product is created to satisfy the customer’s demands as well as meeting their requirements. For a product to be successful marketers need to consider the following facts:
Will they meet the requirements of the customer?
Why do customers want to have this type of product and will the product satisfy their needs?
How the customer will use the product?
What is your target audience?
Why your product will be chosen above your competitor’s?
And when you will find the answers to these questions you will know the customer’s requirements and expectations which your product needs to match up so as to be successful. Which is the usage of the 4 Ps for marketers to make their product or services successful.
The price is the value of your product or services which the customer will pay. The price should be according to your product and brand value. You need to decide the product’s price according to the perceived value. When you decide the price of the product you need to consider the expenses regarding supply cost, shipping expenses, and other miscellaneous expenses. The price should be according to the targeted customer’s budget.
Some of the brands increase their product’s price to make it luxurious. This is also done by seeing their targeted audience. If your target audience is not rich then the price of the product is as low for people to buy it. Some business decreases their product value so that a lot number of people can buy it and their sale will be high.
Discount is given on products to attract new customers and increase the sale. Marketers need to decide when and how the discount should be given. Mostly discount is given to attract new customers or it is given when the product does not perform well in the sale as it was expected and to finish the stock. So discount should be given while considering many factors.
The business has to sell its product or services where the customers can reach it. The place is where the customers can reach for the product of your business. The goal of the business is to place the products in front of the public which will buy their product. The marketing is done through digital means too. Digital marketing provides the availability of the products anywhere, anytime, and every product of the business. The place where the customers will do shopping should make a great effect on them. To decide the place marketers should consider the following facts:
Where your target audience comes most?
What is their preferred mode of shopping either online or offline?
How much time they will spend shopping?
The promotion of the product is done to make awareness of the product among customers. The promotion is done to explain to the customers why they should buy your business product and pay a certain price.
The 4 Ps of marketing is an old practice whose element and meaning or technique didn’t change much, but only the promotion is the one of 4 Ps that was affected most due to the advancement of technology. The reason for the change is that now social media has become the new source of promotion due to its larger userbase. The userbase has not only teenagers or adults but also the old-age people with slightly different preferences. So, the promotion is done mostly through social media.
The 4 Ps of the marketing mix are used if properly and in alignment to make sure of the success of the products of the business. 4 Ps of the marketing mix are used when making a plan for business.