Marketing Fundamentals: Exploring the 4 Ps of the Marketing Mix

It can be difficult for a small business owner or marketing manager to know how to establish a unique selling proposition or to reach the right customers, especially on the always evolving digital space, with digital marketing.

You can also take into consideration elements of the mix in your day-to-day marketing decision-making process to attract the right audience to successfully market to through your marketing campaigns.

In this article, we will be looking at

• The 4Ps of marketing
• Product/service
• Price
• Promotion
• Place

The 4 Ps of marketing

1. Product [or Service]

Your customer only cares about one thing: What your product or service can do for them. Because of this, prioritize making your product the best it can be and optimize your product lines accordingly. This approach is called “product-led marketing.”

In a marketing mix, product considerations involve every aspect of what you’re trying to sell.

This includes:

• Design
• Quality
• Features
• Options
• Packaging
• Market positioning

Four components successful product-led marketers should take into consideration

• Get out of the way: Let your product or service sell itself. Focus your marketing efforts on getting consumers to try what you have to offer so they can learn its value for themselves.
• Be an expert[on your customers]: Know your customer’s needs and use that knowledge to help communicate your product’s value.
• Always be helping: Position yourself as an ally by creating informative content that meets your target customers’ needs, and they’ll be more likely to buy from you.
• Share authentic stories: Encourage happy customers to share their experiences and tell others why they appreciate your brand.

2. Price

Many factors go into a pricing model. Brands may price a product higher than competitors to create the impression of a higher-quality offering, Price a product similar to competitors, then draw attention to features or benefits other brands lack with plans to raise the price after the brand is established or lower it to highlight the value of an updated model.

3. Promotion

Promotion is the part of the marketing mix that the public notices most. It includes television and print advertising, content marketing, coupons or scheduled discounts, social media strategies, email marketing, display ads, digital strategies, marketing communication, search engine marketing, public relations, and more.

All these promotional channels tie the whole marketing mix together into an omnichannel strategy that creates a unified experience for the customer base.

For example: A customer sees an in-store promotion and uses their phone to check prices and read reviews.

The view of the brand’s website focuses on a unique feature of the product. The brand has solicited reviews addressing that feature. Those reviews appear on high-ranking review sites, the customer buys the product and you’ve sent a thank you email using marketing automation.

Here are the ways you can use these channels together:

• Make sure you know all the channels available and make the most of them to reach your target audience.
• Embrace the move toward personalized marketing.
• Segment your promotional efforts based on your customer’s behavior.
• Test responses to different promotions and adjust your marketing spending accordingly.
• Remember that promotion isn’t a one-way street. Customers expect you to pay attention to their interests and offer them solutions when they need them.

4. Place

Where will you sell your product? The same market research that informed your product and price decisions will inform your placement as well which goes beyond physical locations.

Here are some considerations when it comes to place:

• Where will people be looking for your product?
• Will they need to hold it in their hands?

Conclusion

Anyone who is seeking an increase in sales never neglects the 4Ps of marketing which are promotion, place, and price.

The combination of elements of marketing mix makes it possible that you can sell/deliver your products and services to prospective clients.

In summary, it’s about showcasing your product/service to your clients at the right time, right place and at the right price.