What Are The 4 P’s Of Marketing?

Neil Borden, an accomplished professor of advertising at Harvard Graduate School of Business Administration, came up with the concept of Marketing Mix. According to him, marketing is a mixture of different ingredients forming a strategy that capitalizes on the positives of a brand or a product to sell it. 

Over the years, several people have read through the concepts proposed by Neil Borden and have even refined them for future audiences. Jerome McCarthy, another marketing professor, took the responsibility to refine the teachings of Neil Borden and summarized the Marketing mix ideology into the four Ps Model. 

The Ps Model has gained tremendous popularity all over the globe and has helped several companies elevate their marketing strategies. The 4P’s model was first discussed in the 1960 textbook ‘Basic Marketing: A Managerial Approach’ by Jerome McCarthy. Since then, the concept has withstood the test of time and is still very applicable despite technological advancements. Let’s discuss the 4Ps in detail:

Product 

The first P refers to the product that the company puts out. This product can be both an intangible service and a tangible commodity that the customers can purchase. The product can be anything that the company either manufactures or distributes. For instance, a clothing item is a product, and on the other hand, laundry services can also be a product. 

Marketers should have a crystal clear idea of what the product is and how it stands out from competing companies and their products. If a marketer is unclear about what product their client offers, they might never be able to market the products effectively. 

Marketing and communication firms should know all the ins and outs of the product they are to market to play to the needs of their target customers. E-commerce is soaring high these days, and customers can look for a plethora of product options with a tap of the finger. In this case, it is only logical to have the complete information of the brand and the product so that there are no gaps in the marketing strategy. 

When thinking about the product, marketers must brainstorm answers to questions like:

– What does the customer expect from the product?

– What features of your product appeals to the customers?

Price 

After thoroughly understanding the product, the next step is to determine the price tag. Deciding the price tag is not exactly a piece of cake. A lot of research and strategy goes into determining the price of a product. For instance, experts will have to go through copious amounts of market data to understand the pricing trends of similar products. 

Moreover, they also have to consider the calculation of the investment made per product and the manufacturing to ensure the price is justified. It takes great tact to develop a price that is not too low and not too high. Both extremes can cause severe damage to the brand and that is why it is crucial to decide on a reasonable price for both the company and the customers. 

The price also includes the efforts a customer will make to get their hands on your particular product. Experts need to determine this value and include it in their price to avoid compromising the revenue for your brand. The entire budget of the project depends on the price you decide for the product. This is why this particular P is the most important in the eyes of experts. 

When thinking about the price of the product, there are some things you must consider:

– Determine the value of the product to the buyer 

– Compare prices to competing companies

Place

Reaching customers is also of great importance when it comes to marketing. Your customer needs to have access to your products, and you need to provide them a place where they can get them. It would be best to place your product in the right place so that customers can access them whenever they please. 

If your product is out of the reach of your customers, you might end up not selling a thing. This is why determining the place for your product is a vital component of your marketing strategy. Not only should you think about the placement of the product itself, but you must also think of the placement of the advertisements you will put up.

Placements of your advertisements can have a big impact on the business your product generates. The advertisements should be  strategically placed in front of the targeted audience. If the audience cannot view your ads, there is no use in putting them up. 

When thinking about the place of your product and advertisements, consider the following things:

– Where your customers are shopping 

– What devices are they using to access your product online? 

– Do they engage on your social media platforms? 

Promotion  

The last P of the series translates to Promotion. Promotion is vital to ensure more people learn about your product. Advertising a product will push it in front of the eyes of the general customer base. There are several channels you can use to market your product, and as a marketer, you must decide which channels will be the best fit for your product and target audience. 

There are many avenues that marketers can explore in the digital age if they wish to promote their products. Before you start expanding on the channels you want to use, here are some things you must think about:

– How can I reach my target audience?

– Which time is the best to promote my product?