Even if you haven’t studied them, you’ve probably read some articles, texts, and assumptions about what they mean and why they matter.
I dare say that its true value is not only found in marketing, but also when we talk about business in general.
So, this isn’t just another article talking about the old 4 Ps of Marketing. But how old?
That’s right! In an increasingly competitive world, the market has to reinvent itself for those brands that want to stay alive in the best way possible, that is, choosing how to showcase their product or service and how to do it in the best way.
That way has to be the one that sells the most, the one that your audience will receive best, the one that solves a problem for you and the one that makes them connect with you.
In times of Inbound Marketing and Content Marketing , new P’s have emerged and are making themselves heard with intensity. Keep reading to learn about them in detail!
If you want to know more about the Marketing Mix and its applications in business, be sure to check out our free guide on the subject !
The 4Ps of Marketing
The 4Ps of Marketing are part of a concept belgium mobile database that we can call the Marketing Mix, or also as the Marketing Mix.
These are the basic pillars of any strategy. That is, if you don’t want to do anything in vain, what do you need to keep in mind, at least, about your product or service, distribution and concept?
Yes, that’s right! The 4Ps of Marketing, which are product: price, place (point of sale) and promotion.
Although it may seem very obvious, we will now tell you what each of them means.
Product
What do I want to sell? What am I really they have entrusted their data delivering to my customer?
But more than that, you have to understand and define what will be delivered in that product . And that involves:
- its concept;
- what functions it must fulfill;
- how the customer can use it;
- what is your name.
The product is everything that is visible in the company. Everything else is also very important, but the product is what determines the success or failure of the business.
That is, does your audience need what you are offering? If the answer is no, you will quickly be forgotten.
But if you have a strong product or service, a distinct delivery, and that solves someone’s problem, you can have a gold mine on your hands.
Once you have the product defined, you can start thinking about the next pillars.
Price
It is nothing more and nothing less than what you are going to charge for the product you deliver to your client.
But this P does not only represent the monetary value, but also the added value of the brand.
That’s why it’s important to know how much your product costs to produce, how much it will cost to deliver, and how much it will cost to sell. Only then will you be able to calculate how much people would be willing to pay for it .
In the end, there’s no point in delivering a super interesting product that people don’t see much value in and aren’t even willing to pay for.
Perceived value is built into all the other pillars. Knowing what that value is, how it can help you, and how you distribute it makes all the difference in that perception.
Plaza or point of sale
The place or point of sale is where you put your product or service on the market. In other words, it is how your customer reaches you.
It is essential to know where your audience lives and where they consume your product. This means which establishments your customers usually frequent, whether they prefer to buy online or in physical stores, and other points about distribution and consumption.
There’s no point in having a huge store if your customers only buy online.
Similarly, it is also useless to put, for example, your clothing brand in a department store if, in reality, you want to sell to a class A audience.
Promotion
The promotion of a product according to the 4Ps concept has no relation to discounts or rebates.
This type of promotion is directly connected to the marketing of the product and how to promote it. In general terms: how that product will reach its buyers.
To do this, we must answer some questions such as: what are the best consumption channels, the best points of sale and the best means to promote the brand.
To answer these questions, you need to think about your target audience and understand how they would like to know about the product and how they consume it.
At the end of this article you will see the importance of using digital marketing correctly for this, that is, how to use social networks to promote yourself and reach those potential customers.
How the 4Ps
The concept was developed by Professor Jerome McCarthy and spread by the great marketing professor, Philip Kotler.
It all comes down to: who am I, what is my product, where am I and where do I want to go.
If we put it in a very logical way, the 4Ps mean: define the product, where to find it, how much it will cost and how it will reach the person’s ears.
But there is no point in just planning.
How to associate the Marketing Mix with digital communication
In the age of social media and blogs, it is very important to keep up with digital communication trends. Anything that goes viral can be very important for your business.
But the most important thing is to be very clear about how to communicate: what tone to use, which social networks to be present on, what content to write and how to treat your leads and clients.
Remember: as soon as you define point of sale, promotion and people, you also define what will be delivered through the Internet. The world is becoming more and more connected and your marketing strategy must follow suit.
In some cases, your product may be delivered b2c fax via the internet. And if not, you can also use social media to study your customer’s behavior, needs and problems. In order to deliver something even better and more valued.
And you, do you have a well-defined Marketing Mix for your company? What do you think has changed for you when the Marketing Mix became stronger? Did you have to reinvent yourself?
