13 Dec Understanding the 4 Ps of Marketing
The Four P’s of marketing is something I’m sure most people have heard of before. For some, this may sound like a pretty basic boring topic. Some people may think that the four p’s of marketing is something just taught in school but not really leveraged in the real world.
This is a concept that drives campaigns and marketers at a fundamental level. To better understand how integral the four p’s are, first we need to get a better understanding of what they are.
Understanding the 4 Ps of Marketing
The crux of understanding the 4 P’s is that these P’s construct the four pillars of marketing. The four pillars include Product, Price, Place and Promotion. The 4 P’s form the foundation for your marketing strategy and how you present your brand/product/service to the world. The 4ps of marketing entail the product, place, price, and promotion and although they are easy to understand, they are harder to implement.
Without this P you don’t have a business. The first P in the four P’s of marketing is the “Product”. This can either be a physical item or a service that solves your customer’s problems. When designing your product, you need to think about your customer experience journey. You also need to think about what its name will be and your branding guidelines.
The second P is the place where buyers can find your products. Will you sell your products in a physical store or online? It is important to identify the right locations where your products are available. Will you need to send customers samples of your product in the initial stages? A competitor analysis will give you all the information you need to stand out.
The third P is the price at which the product will sell. The price of a product will impact profit margins and also influence marketing plans. You might need to follow different branding strategies due to price considerations. You can compare your price with your competitors to price your product right.
The fourth P is promotion, which is the way marketers communicate about your products. Promotion includes public relations, advertising, social media marketing, email marketing, and many others. The promotions you run allow you to advertise through different channels and communicate directly with the audiences you are trying to persuade and influence.
The four p’s of marketing may sound simple and boring but they really are the backbone to marketing a business of any size. Nobody really cares about companies that are doing the same thing as everyone else. The four p’s help you differentiate yourself within your market which is critical because nobody cares about another “me too” business. At the end of the day integrating this theory into your marketing will help you drive better results.