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If your educational background belongs to marketing and management, you don’t need to work hard to understand marketing terms. Your marketing research and education make you a skilled person when it comes to discussing the terms like 4 ps of marketing. It is for marketing students only! Are you familiar with this term? Probably, you would have heard and read this term in your marketing books in the university or school.
If you have gone through Philip Kotler’s marketing management 11th edition, you would have read in detail about 4 ps. Further, your teachers may have delivered a lecture around 4 ps that you mustn’t forget. It looks like an engaging topic that draws the attention of all interested people who want to launch their products.
They love to read this topic to clear their marketing concepts. Hence, they get ideas about 4 ps and its impact on businesses. Being an owner, you can’t ignore this concept, especially when it comes to selling a product. Let’s take a look at this concept!
What are the 4 Ps of Marketing?
4 Ps are the basic pillars of a marketing mix that play a vital role in running and selling a product. It is a strategy that applies to all business types and categories. The strategy always remains the same whether you sell single or multiple products. Here are the four Ps of a marketing mix!
Product: A physical good, service, consultation that you sell.
Price: The cost of a product that sellers and manufacturers charge from buyers.
Place: A place from where your customers seek information about the products.
Promotion: A strategy and plan that promotes your product for better targeting of the audience.
These are the four ps of marketing that have got excellent importance in the industry, especially in the world of buying and selling goods. Not necessarily goods, but services and consultancy also become a part of it to some extent. If you are to sell a product, you can’t deny four ps while making a proper marketing plan or strategy. Your goals matter whenever you are to sell a product or service.
The purpose of following these 4 ps is to boost sales and generate higher profit. Things look easy, but without using a marketing mix, it becomes a challenging job to accelerate profit. However, the concept of marketing mix started in the mid 20th century. McCarthy introduced these four ps in his book Basic Marketing: A Managerial Approach.
In this way, we come to know about the importance of a marketing mix. Indeed, it is a basic marketing concept that works like a backbone. However, the trend started in 1960 and still exists, as every marketing plan depends on the marketing mix. Let’s take a look at the detailed analysis of four ps of marketing!
Product – The First P of Marketing
Product is what you sell to your customers. There are so many types of products that you can consider in your marketing mix process. Product has a physical existence that attracts buyers whether it is a handbag, books, clothes, soft drinks, or a tennis racket, it has some shape and appearance. The product is tangible and buyers find attraction in it.
Services also become a part of this process, especially when we talk about consultancies such as legal advisory or therapy sessions. The product is what buyers get from sellers and service providers and it is available for consumers.
Therefore, a product seller has to find ways to make the product eye-catching for the buyers. How do you make the product stand out for consumers? It’s a lengthy process that sellers should focus on to deliver exceptional results. Your target is to promote your products by making new customers. How do you make a lasting product to grab the attention of buyers?
You create a newsletter and give free signups to bring visitors to your circle. You always want to stay in the competition to make a difference by doing smart marketing. Your product should be designed well, whereas digital marketing touch can make sense. Why not you try graphics designing?
You can always make your products better with graphical representation. Hence, you expect good feedback from your visitors when you are done with designing. For more interest, leave questions for your audience around products so that they may come with good feedback. Your time matters when it comes to driving solid leads through product appearance. Invest quality time in your products to build your audience.
Product design and its appearance can do a great job for you, so plan the appearance of your products for a better response. There is much importance of the product to develop a win-win situation. Indeed, it is a popular marketing mix that comes first. Let’s take a look at the second P of marketing!
Price – The Second P of Marketing
Price is the most crucial factor when planning a marketing strategy for selling a product. It is simple and easier to understand the price, as you know it is what sellers charge for their products. They sell products and get money in return. A buyer has to pay the price to get the product from the market. Every manufacturer and seller is concerned about the price when it comes to selling goods.
Customers perceive the price after looking at the products. So, you have to set the right price for your products. The price should meet the value. How do you add value to your products? You set low prices for quality products to draw the attention of visitors. It is a tactic that many sellers follow to drive logical results.
The buyers always look at the price tag before purchasing. If it meets the criterion and value, then customers love to buy your products. Cheap price attracts buyers, especially when they visit brands. It is the psyche of customers to check the cheap brand prices and ignore the expensive ones. It is a rule of marketing that applies to all buyers.
No one wants to buy expensive goods. But the value also plays a role, as you can’t buy a Lamborghini for $80000. If you get at this price, then you have been fooled by a seller. A Lamborghini’s price goes around $200,000, so you need to consider the value of products while buying from the market.
Every product has a different value, so you set the price according to the value. Likewise, you can take the example of Android and iOS technology. The prices of both differ, whereas quality is a major difference. Setting the right price is quite difficult for potential products, so it is a vital decision that sellers have to set before selling products. How do you set the price?
- Keep the prices low to attract your visitors. It will lead them to become a buyer.
- Read the buying behavior of your consumers and identify their purchasing power.
- Increase the value of your products to meet the pricing standards.
- Check the competitor analysis before setting up the price.
Place – The Third P of Marketing
The place is also an essential P of marketing. It is your location where you establish your business. Marketing is incomplete without choosing the location, as customers love to visit your business place. Therefore, you pay attention to business events to attract your visitors. The arrangement makes sense when you wish to bring more potential visitors to your worthy place.
Many entrepreneurs plan business events in their locations to expand their network. Your business place should be adorable and nice for customers, as it leaves a nice impression on your visitors. People get inspiration if you organize business events at famous places. Your customers are so choosy about your business location, so choose a perfect place that is easier to visit.
Moreover, your location matters to a great extent. The use of digital marketing channels can help you organize events. If you want to target ideal customers, then use the best social media platforms to advertise your location. Your customers would love to visit the right place to become a part of your business. It is how you can sell efficiently and smartly.
How Do You Make Your Business Place Ideal?
The first thing is to know your customers before you choose an event. Make a list of potential visitors that can turn into your customers. No matter if you wish to target online or offline marketing services, you need to make a list before selling products.
You have to do efforts to find reasonable customers by organizing your business event in a perfect place. For this, you need to know your target market and their background before you do such arrangements. Selling a product isn’t easy without knowing your customers.
Additionally, you must do homework on your customers before you invite them to your location. If you are up for the event to convert your buyers, just concentrate on your place before you take any action. Make an ideal business place to improve your position in the market.
Promotion – The Fourth P of Marketing
Promotion is the fourth P of marketing. It is the most important marketing p that plays a crucial role in the world of marketing. If you are serious about promoting your business, you have to follow this marketing mix element to advertise your business. Further, you can practice this marketing mix after you have done implementing the three Ps of marketing.
It comes right after you introduce the product, price, and place to earn a name in the market. Despite tough competition, you have to promote your business using all these Ps, whereas promotion is vital for advertising. Promotion is not complete unless you focus on advertising services no matter if you prefer offline or online advertising, both work great.
What Is the Important Aspect of Promotion?
Being an owner, you can plan so many things to do advertising. Making an offer to your customers can be a nice addition. An offer can take your advertising campaign to a next level. Indeed, it boosts your sale quickly when you work on promotional activities. With this, you can drive sales and accelerate your revenue.
There are so many channels you may follow to advertise your business, but the best is to choose social media platforms including Facebook, Instagram, LinkedIn etc. These are the superb channels that you should use for promoting your products. Make sure, you don’t forget to include offers in your advertising process.
How do you follow the right process to advertise your business? Don’t forget to add keywords before targeting your audience. The use of the right phrases makes sense that not only accelerates revenue but sets the direction for your campaign. The data you use is also essential for setting the campaign before launch. Always keep in mind the competition.
For better promotion of your product, you include offers and raise questions around the campaign to educate the audience. The more you leave questions, the more you engage your audience by spreading information about your products. In this process, you provide solutions to your customers regarding the offers and benefits of the product. The ultimate target is to send a message to end-users through promotion.
What Are the Best Ways to Promote and Advertise Your Product?
Online marketing is the ultimate solution for promoting your products and services. If you want to advertise your business, you can follow some amazing internet marketing services to promote your business. Here are some exceptional techniques that can help!
Search Engine Optimization
Search engine optimization is an exceptional digital marketing technique specifically done for ranking a website. It is the best and lasting method to advertise any business, as it targets business promotion on Google. There are so many search engines, but Google seems to be the leading one.
Hence, you make good use of keywords for improving the ranking of a website. Today, more than 90% of business owners choose search engine optimization services to improve their businesses. Are you one of those?
Social Media Marketing
Social media marketing is also a sensational technique to advertise your products. You can follow this superb technique to market your business on amazing social media channels. We’ve already discussed the impact of social media marketing that leads to great results.
There are two ways to promote a business on social media, one is to do management and the other is purely an advertising process. You handle activities of your page through management, while you utilize the budget to advertise your products on social media.
Facebook ads can do a terrific job to target solid leads. If you are in search of conversions, you must spend a reasonable budget on Facebook to manage the advertising process. We are living in the era of technology, where there is no chance of denying Facebook advertising to promote your products and services.
You can target users based on the demographics and location in this magnificent advertising process. However, it is a process of creating an ad after you place a bid to get maximum clicks, impressions, conversions, etc.
How can you skip Google ads in the race of advertising and promote your products? Google is the leading platform that has got maximum users compared to Facebook. For advertising, it is the best ever channel that drives solid conversions. If you are searching for the right and quick promotion services, Google ads make sense.
Indeed, it is the best strategy to promote your products and services through search network and display network campaigns. Further, it works under pay per click model, where budget spending plays a vital role.
Affiliate marketing is also a terrific strategy to advertise and promote your products and services. It has always been an inspiring method for entrepreneurs for selling and promoting their goods to worldwide consumers.
It provides active services at different marketplaces to promote your brand; even third parties also help you to boost sales under the commission strategy. Overall, it’s a remarkable strategy that can greatly promote your products and brands.
If you are searching for marketing mix strategies, you can’t skip email marketing to target a better audience. Remember, email marketing is one of the finest strategies to grab the attention of an aspiring audience. Your email content can help you achieve mind-blowing results when you get feedback.
It is the easiest and best mode to target potential visitors and find leads. Millions of entrepreneurs do email marketing to convert their target audience and it is the reason the email marketing process works as a great promotional strategy.
How can you ignore content marketing throughout the marketing process? It is the most demanded promotional strategy that can target maximum leads in a short time. There are so many ways to create content for your target audience.
Blogging seems to be the finest technique to promote your products and services. Every business owner plans the content marketing strategy to earn a name and credibility in the market. It works as a great promotional tool and you have no chance to avoid this lasting strategy.
According to the above discussion, marketing mix is a concept based on 4 ps of marketing including product, price, place, and promotion. All the 4 ps are equally important and support each other to manage smooth and hassle-free selling.
If you want to create a successful and long-term marketing plan, you need to follow a marketing mix strategy to increase sales performance. Keep a check on your competitors and do proper advertising of your products by improving your business place and product appearance.