If you’ve been a marketer for years, learning the four Ps of marketing seems like a step backwards.
For those of us who work in the industry but haven’t studied marketing in college, it’s very possible that you haven’t heard of the marketing mix.
Below, you’ll learn more about the four Ps of marketing and how they are still relevant in today’s marketing landscape.
What are the 4 Ps of Marketing?
The four Ps of marketing, also known as the marketing mix, are product, price, location and advertisement. These are the key factors in marketing a product or service.
The four Ps are designed to help marketers consider everything about a product or service when deciding how to market something for their business. By aligning your marketing around the four Ps, you will learn what the competition is doing and what customers expect from you.
The four Ps can be used to answer questions about product, price, location, and advertising for your product or service.
For example, you can ask yourself:
- How does your product meet the needs of your customers?
- Where do customers look for your product?
- What is the value of your product?
- How can you differentiate your product from the competition?
Thinking about your marketing in terms of the four Ps can help you strategically plan how you will reach your customers.
Selected resource: Marketing mix templates
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Let’s dive into the details below.
When you think about your product, think carefully about what you are selling. Is it a specific product? Or is it a service? Your product can be a physical product, an online app, or a service like house cleaning. Really, all you are selling is the product.
Then think about your brand message, the services you offer, and even the packaging. When defining your product, consider what problem your product will solve for your customers. Think about how your product differs from competing products. Which features are unique to your product?
It is important that you have a thorough understanding of your product so that you can market it.
When it comes to price, you need to consider how much you will be charging your customers for your product or service. Of course you have to make a profit. But you also need to think about what competitors are asking for the same product or service and how much customers are willing to pay.
Additionally, you can also think about what discounts or offers to use in your marketing.
When deciding on a price, you want to think about the perception. Do you want to be known as an affordable option in your industry? Or maybe you are a luxury brand and the price is a little higher than the competition in the market.
In either case, the language you use to market your product will be heavily influenced by the price of your product.
When it comes to placement, it can mean the physical location of your business, but it can also be defined wherever you sell your product, possibly online.
Here you market and distribute your product.
Remember that not every place makes sense for every product. For example, if your target market is seniors, it doesn’t make sense to market on TikTok. It is important to choose the right places to market your product and meet your customers where they are.
Think about possible sales channels, which sales outlets you could sell for your product, whether you are B2B or B2C etc.
At this point, you need to start thinking about how to market your product on all of the different channels that make sense for your business.
Advertising is the be-all and end-all of marketing. In this case, think about how to publish and promote your product.
Additionally, you will talk about brand messaging, brand awareness, and generating leads and revenue.
When it comes to advertising, keeping an eye on communications is of the utmost importance. What messages will resonate with your target market? How can you best promote your product to them?
Think about where, when and how to promote your brand.
To develop a marketing mix, you need to think about how to position your brand clearly in the competition. The most important part of thinking about the Four Ps of Marketing is understanding the customer, the competition, and your business. They rate your product and how to promote it.
Although marketing has changed since the development of the Four Ps, the fundamental elements of the industry have not changed. You can apply the concepts of marketing mix to any type of marketing.