The 4 P’s of marketing define the activities and strategies that any organization uses to promote its brand or product on the market. Product, price, place, and promotion. What it really means is manufacturing a product as per the requirements of the consumer, which fulfils the demand, placed visibly in front of the customer, all while promoting the product or service.
This defines the item or service being sold to the customer. The product can be a physical product, or a service being provided. Ideally, a product should fulfill a consumer’s demand. Or a product may be so compelling that consumers believe they need to have it, creating a new demand. To be successful, marketers need to understand the life cycle of a product.
This is the cost a consumer pays for a service or product. The price is linked to the actual value of the product, while considering supply costs, seasonal discounts, and also competitors pricing. In some cases, prices are raised to give the product the appearance of being luxury. Alternatively, prices can be lowered for affordability, or to offer consumers to try the product.
When a company makes a decision on the place, they are trying to determine where they should sell a product. Also, how to deliver the product to the market. The goal is always to get their product in front of the consumers that are the most likely to buy them. This may refer to placing the product in a specific store. Alternatively, it could look like the product placement in a television show.
Promotion includes public relations, advertising, and a well-versed promotional strategy. The goal of promoting a product is to reveal to customers exactly why they need the product and why they should pay for the product. Marketers tend to tie the placement and promotion aspects together to reach a core audience.
How do you use the 4 P’s of Marketing?
The model of the 4 p’s can be used when you are planning a new business venture, evaluating an existing offer, or even trying to optimize your sales with your target audience. It can also be used to test your current marketing strategy.