Marketing isn’t a new concept. It has been here ever since the first human tried selling his/her goods/ services to others. However, marketing hasn’t always been the way it is today. The tech-boom has influenced every sector and marketing is one of them. From simple ‘Marketing’ to ’Digital Marketing’, it has become a blend of both strategic planning as well as leveraging technology. The fierce competition in the market has made it even more interesting for marketers to try out new marketing strategies.
But a few things never change. One such fine example is the concept of ‘4P’s of Marketing’ which was first popularized by Neil Borden and later co-written by E. Jerome McCarthy in his book "Basic Marketing: A Managerial Approach." It has been over half a century but still Marketing stands strong on the 4P’s. Even though we have moved on from flyers, banners, radio advertising to marketing via digital channels, the ‘4P’s’ is still considered to be a crucial Marketing strategy.
While many marketers may be well-aware of what the 4P’s stand for, many new marketers still don’t know it yet. Here’s everything you need to know:
Also referred to as ‘ Product Mix’, the 4P’s of Marketing are as follows:
Each ‘P’ has a role to play. Marketing any service requires a blend of strategies revolving around each ‘P’s.
Wondering how?
Well, before that let’s first understand the 4P model.
Now before I tell you what each ‘P’ means, here’s a diagrammatic representation of what each ‘P’ constitutes.
It all starts with the product you are offering to the customers. It may be a software, service or any other entity that you wish to sell. While the marketing sector is facing fierce competition, it becomes a priority to make your product stand out against the competitors. Maintain a balance between the quality and quantity of your product. Conduct proper market research and make sure that you understand the customer's pain points. Once you have a better understanding, it will become easier for you to make sure that your offering fulfills the demands of a consumer.
Product pricing is what determines the market value of your product. Pricing is crucial for consumers and is also a deciding factor in determining P/L margin, supply and demand of the product, market positioning, etc. Other pricing factors that can benefit your marketing strategies are discounts, competitors pricing, gift coupons, etc. Discounts can come in pretty handy for product owners since they would price their product higher than its true value, thereby giving it a luxury feel and then offer discounts on it to draw in more consumers.
Promotion and advertising your service isn’t a new concept that only came with the advent of Digital Marketing. It has been here for decades with modifications to the earlier practices. While earlier promotion usually included radio advertisements, flyers, TV ads, etc, they have become more digital focused now. From running ads on a youtube video to trying hard to rank first on Google search to sending out emails, online promotion can truly maximize return on investment.
The geography of selling/marketing a service/product is as vital as the above three factors. It is stupid if you are offering your services at a place that doesn’t even need your services. Here’s an example, say you are an Immigration firm based in the UK and you are marketing Tier 2 Sponsor Licence. Now Sponsor Licence is what businesses in the UK need in order to sponsor overseas students. So, it basically means that your customers are within the UK and it would be senseless to promote your services outside the UK.
It is no doubt that ‘Marketing’ has become a buzzword that you will see all over the internet, people claiming across social channels how they can help you grow your business. However, no good marketing agency would miss out on the ‘4 P’s of Marketing’ since it is a basic law that defines the success of your marketing campaign.