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The 4 Ps are an essential part of the marketing process.

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The 4 Ps are an essential part of the marketing process.

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Marketing is simplistically defined as ‘putting the right product in the right place, at the right price, at the right time.’ Though this sounds like an easy enough proposition, a lot of hard work and research needs to go into setting this simple definition up. And if even one element is off the mark, a promising product or service can fail completely and end up costing the company substantially.
The use of a marketing mix is an excellent way to help ensure that ‘putting the right product in the right place,…’ will happen. The marketing mix is a crucial tool to help understand what the product or service can offer and how to plan for a successful product offering. The marketing mix is most commonly executed through the 4 P’s of marketing: Price, Product, Promotion, and Place.

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Marketing Mix,  a term coined by Neil Borden, are the ingredients that combine to capture and promote a brand or product’s unique selling points, those that differentiate it from it’s competitors. The ideas behind Borden’s model were refined over the years until E. Jerome McCarthy reduced them to 4 elements called “The Four Ps.” This proposed classification has been used by marketing companies, branding agencies and web design companies throughout the world.

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Product – The first of the Four Ps of marketing is product. A product can be either a tangible good or an intangible service that fulfills a need or want of consumers. Whether you sell custom pallets and wood products or provide luxury accommodations, it’s imperative that you have a clear grasp of exactly what your product is and what makes it unique before you can successfully market it.

Price – Once a concrete understanding of the product offering is established we can start making some pricing decisions. Price determinations will impact profit margins, supply, demand and marketing strategy.Similar (in concept) products and brands may need to be positioned differently based on varying price points, while price elasticity considerations may influence our next two Ps.

Promotion – We’ve got a product and a price now it’s time to promote it. Promotion looks at the many ways marketing agencies disseminate relevant product information to consumers and differentiate a particular product or service. Promotion includes elements like: advertising, public relations, social media marketing, email marketing, search engine marketing, video marketing and more. Each touch point must be supported by a well positioned brand to truly maximize return on investment.

Place – Often you will hear marketers saying that marketing is about putting the right product, at the right price, at the right place, at the right time. It’s critical then, to evaluate what the ideal locations are to convert potential clients into actual clients. Today, even in situations where the actual transaction doesn’t happen on the web, the initial place potential clients are engaged and converted is online.

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The model can be used to help you decide how to take a new offer to market. It can also be used to test your existing marketing strategy . Whether you are considering a new or existing offer, follow the steps below to help you to define and improve your marketing mix.

1. Start by identifying the product or service that you want to analyze.

2. Now go through and answer the 4Ps questions – as defined in detail above.

3. Try asking "why" and "what if" questions too, to challenge your offer. For example, ask "why" your target audience needs a particular feature. What if you drop your price by 5 percent? What if you offer more colors? Why sell through wholesalers rather than direct channels? What if you improve PR rather than rely on online advertising?

4. Once you have a well-defined marketing mix, try "testing" the overall offer from the customer's perspective, by asking customer focused questions:

Does it meet their needs? (Product.)

Will they find it where they shop? (Place.)

Will they consider that it's priced favorably? (Price.)

And will the marketing communications reach them? (Promotion.)

5. Keep on asking questions and making changes to your mix until you are satisfied that you have optimized your marketing mix, given the information and facts and figures you have available.

6. Review your marketing mix regularly, as some elements will need to change as the product or service and its market grow, mature and adapt in an ever-changing competitive environment.

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Example – The foundation of the Marketing Mix – The 4 P’s of Marketing

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Example – The foundation of the Marketing Mix – The 4 P’s of Marketing

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Clearly defining product, price, place and time must all be considered when developing a marketing strategy for any product or brand. Whether dealing with a startup or an established business, balancing these four elements is critical to marketers working hard to position a particular product or brand in the marketplace.

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https://www.purelybranded.com/insights/the-four-ps-of-marketing/

https://www.mindtools.com/pages/article/newSTR_94.htm

https://www.cleverism.com/understanding-marketing-mix-concept-4ps/