The 4 Ps of Marketing Mix
The 4 Ps of marketing have a clear, logical, and consistent meaning and are referred to as your marketing mix. They all apply to a company’s marketing strategy and are the essential elements of a successful campaign. They are the product, price, place, and promotion. The four Ps are critical to a business’s success and can help you determine the best ways to promote a product or service.
Product: Your brand has developed a product that solves a problem or meets consumers’ needs and is putting together your marketing mix. What makes a good product? A good product hits people where it counts – at heart. It works on a variety of senses to add feedback and ultimate value. A computer mouse feels excellent, an iPod is easy to use, and pizza tastes great. These are all characteristics of well-designed products. If a product fails to meet any of these criteria, it is a dud. A good product solves a real problem in a way that users value. The problem is different for different products, target audiences, and stages. A good product should address a frequently occurring or critically important need. It should also be easy to understand and explain. A product should not be overly complicated, and it shouldn’t take a long time to understand its full potential.
Price: Pricing in your marketing mix refers to the price that a consumer is willing to pay for a product or service. Its value is the time and effort a customer will put into buying the product. Marketers must attach the price to the product’s value and consider competitor pricing and other variables. How much do you charge, and how does that impact how your customers view your brand? Although it’s simple to understand, it’s tough to develop the “right” price. Analytics and sales data are used to derive the profit-maximizing price by mature companies to derive prices.
Place: Your marketing mix includes placement which is another word for location. Place of sale reflects whether it is internet-based or retail-based, and it’s crucial to make sure your brand can reach the right audience for it. Your product must be displayed suitable for the target audience to see it, but most importantly, easily accessible. Products with physical and digital versions may be placed in stores and online. A good location will be convenient for your customers. If your customer struggles to find your product, it most likely is due to incorrect product placement.
Promotion: The fourth P is called promotion. A company’s promotion starts with a strong understanding of the target audience. By targeting the right audience, the brand can create a lasting impression. This P refers to how a business communicates its product. This includes advertising, direct mail, email marketing, social media marketing, and more. The promotion process is vital to the overall customer experience and should be consistent across all customer touchpoints. One of the best ways to promote your product is through word-of-mouth advertising. People trust the recommendations of people they know and trust their taste buds. You can use referral programs to highlight slow-moving products and incentivize people to share your product with others. And if you can find a way to make that product stand out from its competitors, you’re on your way to success.
The marketing mix mainly consists of the 4 Ps. This means that for each new product launch, a business can benefit greatly by clearly defining its marketing mix beforehand.
Edward Pinela III, MBA, is Founder and CEO at Lightray Solutions, a global service agency providing digital marketing, graphic design, websites, and mobile app development services.
Questions on the marketing mix? What would you have added to this article? Share below in the comments — I’d love to hear them!