1. How Do you market with the 4 Ps?
The four Ps of marketing are product, price, place and promotion. Together, they make up the “marketing mix.”
These are the most important things that need to happen to make a product or service available to everyone. They give businesses a way to effectively sell a product or service to customers. They are sometimes called a “marketing mix”. More Ps, like people, process, and physical proof. have been added to the mix since the four Ps were first used in the 1950s.
2. How to Understand the 4Ps of Marketing
1. Product
Knowing about the goods is the first step in making a marketing campaign. Why do they need it? What is it that none of the other products can do? Maybe it’s something completely new that looks or works so well that people will have to have it as soon as they see it.
The job of the marketer is to define the product and its qualities and introduce it to the consumer.
The marketer’s job is to describe the product and its features and get people to buy it.
Defining the goods is also important for getting it to people. Business leaders need to know how to deal with products at all stages of their life cycle, and marketers need to know how products live their lives.
Things like how much a product costs, where it should be put, and how it should be advertised depend on the type of product.
A lot of the best-selling items were the first ones of their kind. Apple was the first company to make a smartphone with a touchscreen that could play music, surf the web, and make calls. Apple said that the iPhone made $205.4 billion in sales in FY 2022.
It sold 2 billion iPhones between 2020 and 2021.
2. Pricing
The price of a good is how much people are willing to pay for it. When setting a price, marketers have to think about how much the product really costs, how much people think it’s worth, when there are sales, and how much the retailer adds on top of that.
Price is the amount that consumers will be willing to pay for a product
Sometimes, business leaders will raise the price of a product to make it look more expensive or exclusive. They might also lower the price to get more people to try it.
Also, marketers have to figure out when and if discounts are a good idea. More people may buy something when it’s on sale, but that can also make the product seem less valuable than it was.
3. Place
Place means thinking about where the product should be sold and how it should be presented, such as in stores and online.
When deciding where to sell a product, place is an important factor
The choice is very important: the makers of a high-end beauty product would want their products to be sold in Sephora and Neiman Marcus, not at Walmart or Family Dollar. The main goal of business leaders is to get their goods in front of the people who are most likely to buy them.
That means putting a product in only certain shops and making sure it looks its best.
The word “placement” can also mean putting ads for a product in the right places to reach the right people.
4. Promotion
The point of advertising is to let people know that they need this product and that the price is fair. Promotion includes advertising, public relations, and the general plan for getting the word out about a product through the media.
Promotion encompasses advertising, public relations, and the overall media strategy for introducing a product.
Promoting and placing things tend to work together to help marketers reach their main targets. For instance, “place” and “promotion” are just as important online as they were in the past. More specifically, where a product shows up on a business’s website or social media, as well as the search terms that will bring up focused ads for the product.
3. When Did the 4 Ps Become the 7 Ps?
There are four main parts of marketing: goods, price, place, and promotion. This has been true since the 1950s. The marketing mix has grown to include three new Ps for the 21st century.
- People pays attention to the people who represent the goods. In this day and age, that includes not only salespeople and customer service reps, but also social media stars and campaigns that go popular.
People places the focus on the personalities who represent the product
- Logistics is the process. More and more, customers want the things they want delivered quickly and easily, when they want them.
Process is logistics
- The most up-to-date of the seven Ps is probably physical proof. If you sell diamond jewelry on your website, it needs to be clear to the customer right away that you are a real business that will do what you say you will do. A well-designed website with great functionality, a “About” page with the company’s leaders and address, professional packaging, and fast shipping service are all important for persuading people that your product is not only good, but also real.
Physical evidence is perhaps the most thoroughly modern of the seven Ps
4. Conclusion
People often call the four things that make up marketing “the marketing mix”: goods, price, place, and promotion. These are the most important parts of planning and selling a product or service, and they affect each other in big ways. One way to approach a holistic marketing plan is to think about all of these things.
