You might think of the 4 Ps of marketing as common sense but there is a lot you need to know. Irrespective of the size of the company, anyone can avail of its benefits. In fact, the smaller companies must take advantage of the 4 Ps of marketing. But how are you going to form these marketing plans for your brand? What are the factors and things you are going to consider while writing your marketing strategies?
Introduction to marketing mix
The marketing mix was popularized in the 1950s by Neil Borden. It had 10 marketing elements with 4 Ps of marketing as the fundamental. However, after time many Ps have been introduced to the marketing mix like 5 Ps and 8 Ps. But nothing can be as refined as the 4 Ps of marketing. The marketing mix tool is considered to be a great help to the brands. It assists brands about the marketing elements that can help their product meet their objectives in the market. The ultimate 4 Ps includes the product, price, place, and promotion. Considering the growth of the digital era, the marketing industry has made the best out of this time.
If you were struggling with your marketing mix strategies, the marketing experts of allassignmenthelp.co.uk are here to help. The experts have composed some important points for you to consider while writing the 4 Ps of marketing.
The 4 Ps of marketing mix
As mentioned above, the 4 Ps of marketing comprises product, price, place, and promotion. It is crucial to uniting these elements so that the unique value of the brand can be promoted effectively. It is a very simple concept. The complexity lies in the implementation of these elements. Now let us read about these elements in detail along with the points that are needed to be considered while writing 4 Ps. If a brand covers all the 4 Ps effectively there are chances of high sales.
Product is something (a good or a service) that a company needs to sell to the customers. It can be a dress or some software, apps and games. Moreover, it is significant for the product to fulfil the demand of consumers or create new demand in the market. It has to be compelling. Marketers must have an understanding of the product cycle so that they have plans to deal with the product as per the life cycle’s requirement. The nature of the product decides various things about it such as the price, place, and promotion. Now it is crucial to give your product thought. You would not want to make anything already existing in the market to bring your sales down. Given below are some questions you can consider before making a product.
- What problem your product can help solve for the consumers? It would help you in understanding the function of your product.
- What is your favourite product in the market and why? Asking this question would help you acknowledge your competition in the market. Also, what right they are doing?
- What are the things you dislike about your competitor’s product? This is where the opportunities lie. This is where you know what right you have to do with your product.
- Why are you here? It would help you understand what your consumers are looking for or why they should reach out to you.
- What more you can do to make the product better? If you have a product already existing in the market then you need to collect the feedback and work on the flaws.
The best way to come up with the best product is to consider the last point. It would help you save so much capital and time. Simply design your product, get the feedback, and start rectification from there.
In case you need to compose a marketing mix assignment for your college, get assistance from the experts of assignment help services. This way, you can learn more about the marketing mix and can score good grades in academics.
The second element of the marketing mix is price. There are several perceptions people have in their minds about the pricing of the product. They are not likely to buy things that are priced very poorly or are too pricy. If you want people to buy your product, price it well. Several factors determine the price of the product such as the perceived value (people should understand the worth of the product), cost-of-goods, overhead costs, distribution fees, and other things that can affect the price of your product. To price products effectively, there should be a balance between the perceived value and the actual cost of selling. Given below are some tips and techniques which could help you in picking the right price for your product.
- What could be the lowest price you can sell your product at?
- What could be the highest price that your consumer can pay willingly?
- In your niche, what are the current prices of the product in the market?
- What is the comparison between your price and your competitor’s price?
- How responsive to price are the consumers?
These pricing strategies can help you pick the best price for your product.
The place does not refer to the placement of your product’s advertisement on several media. So, if you have this misconception, clear it. Place in marketing means distribution or the way your product would be provided to the consumers. The era of the internet has changed this P of marketing the most. The place is one of the significant elements of marketing. How you market your product would play a crucial role in how the consumer will get it. If you are offering services overseas, eliminate local marketing from the plan. Local marketing would benefit your local businesses. Moreover, here are some set of questions you can consider to find the right place.
- Where is your target audience or customer?
- Which offline and online outlets are selling your products?
- Are you selling your product to consumers or businesses directly?
- Are you meeting middlemen in the selling process or meeting end customers directly?
- Where are your competitors?
- How many and what all distribution channels are working for you?
However, before making any decision keep the customer at the centre. Also, include all the necessary aspects of the aforementioned Ps.
Promotion is the most focused P in the marketing mix by various businesses. It is inclusive of all the channels and techniques to sell a product. Nowadays there are several options for advertising. But when we are bombarded with advertising channels, it is more crucial to identify the right business promotion strategies. Given below are some points that would help you choose the right marketing channel and make the most out of it.
- Identify the channel mostly used by your audience for information consumption.
- Look for the most effective message while promoting products.
- Know the ideal period of your product promotion.
- Consider the seasonality concern, if any.
- Analyze the strategies and plans of your competitor of their promotion.
Once, you get answers to these points you can easily choose the right marketing channel.
The concept of the marketing mix is still in application. Now you know about the four Ps of marketing and their adaptation. The way might differ today but the 4 Ps would always be a significant part of a good marketing strategy.
Frequently Asked Questions
|Q. What are the 7 Ps of marketing? |
A. The 7 Ps of marketing is product, price, promotion, place, people, process, and physical evidence.
|Q. What are the 4 Cs of marketing?|
A. The 4 Cs of marketing is consumer wants and needs, cost, convenience, and communication.