The 4 Ps of Marketing, also called the marketing mix, refers to the primary elements that businesses need to consider when advertising their goods or services.
Neil Borden conceptualized it in the 1950s and it was further refined by Jerome McCarthy. And companies still apply the concept of the marketing mix today.
No wonder that this concept is still applicable because these basic elements constitute how marketers put out their products or services in front of the right people at the right moment.
In selling, it is important to remember that people do not like being sold to. And if they do buy, they try to justify their purchase with logic.
And most people buy with emotions. Tap into that and you are more likely to close a deal.
But before that, you should know what the 4 Ps of marketing are. Each of those Ps is closely related to each other. And if you miss the mark in one, your campaign may just not be as successful as it could be.
What are the 4 Ps of Marketing?
The 4 Ps are the product, place, price, and promotion.
This is the first component and you need to develop this first before you can move on to the other elements. With a product, it can mean the physical item that you offer to consumers.
These could be physical goods that you can touch, has weight, and has benefits for the customers. Nowadays, there are also digital products. These are things that you can send and receive over the internet.
It can also mean service. A service is something that you provide to other people at a certain time and they must participate in it.
For example, you want to have your hair done. So, you will have to go to the salon and have the staff assist you with the service. You will not be able to get it later and you must be present when it is performed.
The main consideration in developing a product is the solution that it imparts to your target market’s problem. Find that problem, develop a solution, and offer it to them.
It may sound simple but there are other aspects of the marketing mix that you need to consider before they buy. But having a product that will greatly benefit your customers is the first step always.
Make sure that there is a demand for that product. And if not, you can always create one.
Under this element of the marketing mix, you also consider the packaging. How will your product be presented? How will the packaging reflect your brand?
This element refers to the placement of your product, either the mode of delivery, distribution channels, or the geographic location itself.
Will you do direct selling to consumers? Or, you will do consignment in retail stores? Will your product be available online?
Remember that it affects how your target market perceives your goods depending on where you put them. There is a perceived expectation of the level of quality of the products depending on where you find them.
If you go to a certain buying place like a mall or night market, you kind of understand the range of prices of goods and services that are available versus those that you’ll find in high-end malls, for example.
Look at luxury brands of clothes. They market through fashion shows. You would not see them just anywhere.
This refers to the amount of money that the customer will give up in exchange for your products or services. This element of the marketing mix is important in terms of your cash flow.
You cannot just develop a product at a high cost only to get a small profit. But you cannot compromise quality either.
But what is interesting with this aspect is that there is no fixed formula for this. Consider also the price point of your competitors.
You can have high profits just because your product is unique. If this is the case, you can dictate the price.
It depends on how your customers perceive how much your item is based on the benefits that you present. If your branding is spot-on, then, you can demand even more.
Once you have established the product, place, and price, it is then time to compile all information to strategize and make a marketing plan. This last element includes how you will make the target market aware of your product.
With the product in mind, note how it can address issues and the benefits of getting that product from your business rather than somewhere else.
Focus on how your product can solve your target customers’ problems. And stress that message in your campaigns.
Keep in mind your branding. It will help elevate your business and make you stand out. Traditional marketing activities can work!
It is highly effective to cater to specific people with a specific message through in-person selling. But this could be cost-inefficient.
With today’s technology, you can always do inbound marketing through various digital marketing strategies.
Promote in and out of Cleveland with Milia Marketing
Among the 4 Ps of marketing, the last P which is Promotion is where Milia Marketing can help you the best. Based on Cleveland, expect to get help from Milia Marketing:
If you do not have experience in marketing or just not want to directly hire a marketing manager now, partner with Milia Marketing now!