The 4ps of Marketing
If you are new in Marketing, you will be familiar with the concept of the 4ps.
What are the 4 Ps of marketing?
The marketing mix contain of the Product, price, Place, and Promotion.
4p’s is what marketers use to develop many of the core aspects of marketing. This is the crucial ingredient when you want to start to learn marketing.
The Product creates value, the price captures value, the Place delivers value, and Promotion communicates value.
The 4p’s can help you in actually achieving the desired positioning for your Product.
The Product is what you are offering.
Before starting a Business, the first thing you need is Product. That’s why Product is your first variable in the Marketing Mix.
Products need to be ready before making a Marketing Plan because that’s the only thing that consumers will have in the First Place.
So you need to come up with a product that’s your Consumer Seeking. You have to think about its benefits, usability or whatever you desire to fulfil in the First Place.
Because that will decide where you are standing in the Market. So it would help if you did Market Research before launching a product.
How much your Customers are willing to pay for your Product or Services.
Several Companies offer their Product in 99 ₹ instead of 100 ₹.
Why is that- Before Launching the Product to the Market, you have to come up with a price that attracts your Consumers.
Also, that price turned to decent profit for the company as well.
How to pick the right price-
Your brand is in for several years in the Market, and you have built trust among your consumers.
You can charge a premium amount for your Product. On the other hand-
If your brand is new to the Market, you have to come up with a low price.
Some question you should ask-
- Check Your Competitor’s prices
- cost of materials and production
- Market fluctuations
- The lowest price you are beautiful to sell in the Market
- Highest price customers willing to pay in the Market
- Compare your Price with Competitors
Whatever you are selling, it needs a Perfect Location, where you can distribute your Products Easily to your Target Customer.
For example, if you have a store at a random location. Your customers didn’t find you at the Right Place, and you failed.
So you have to pick your Place/Location Where your Target customers are so that they can easily find you.
How to pick the Right Place-
This is the Modern Era; everything is online right now. So the Location seems a bit unrelated right. But it’s not.
Here is an example of an app Tiktok; most of its users are youngsters. So it’s probably the perfect Place to market your Related youth brands.
But on the other hand, if you are a B2B firm, are you willing to pay on TikTok for your Product or services.
I think not because most user’s age is around 16-24, which is not your target Customers.
So you need to think of your customers, and where they are, it could be the Place and the platform.
Ask yourself these questions for your right Place-
- Where is your Target Customers
- Where are you selling online or offline
- Are you selling to Business or consumers
- Which distribution channels you are using
- Where your competitors are
After applying 3 p’s, it’s time to promote your Product or Services.
Promotion includes advertising, Personal selling, Public Relation, Message, Media and Budget.
It also covers all methods of communication that a marketer may use. The Promotion provides information about the Product to different Segments.
How do you promote your Product or services-
- Figure out which channel your audience uses the most
- Promote your Product or service with a compelling message
- Which Time slot is suitable for your Promotion
- Check your competition Campaigns
Now you know more about 4p’s use them in your business strategies. With 4p’s, you have to stand out from the competition.
So leverage them in your Business…