Looking to take your business to the next level? Look no further than the 4Ps of marketing - the comprehensive marketing strategy that can give you the edge you need to stand out in today's competitive marketplace.

Even if you are not familiar with the 4 Ps of marketing, there is no need to worry. In this guide, you will learn about them. So, with no delays, let's dive into our guide. 

Well, the concept of the 4 Ps of marketing was first introduced by Neil Borden, a professor from Harvard University. After being inspired by his colleague James Culliton, he named the concept 'Marketing Mix'. 

This idea was further enhanced by E. Jerome McCarthy, who proposed the name '4 Ps of marketing' for the concept. With his colleague Philip Kotler, he co-authored a book 'Basic Marketing: A Managerial Approach' which further popularized the concept. 

Now, you may think that an idea that is decades old can be relevant to the present day. Well, there is nothing like that, and even after decades, this idea is still popular among marketers like before. 

At its core, this idea emphasizes a marketing strategy containing four important Ps. They are Product, Price, Place, and Promotion. As a marketer, when you work on these together, they can channel sales to your business. 

Product

The first of the 4 Ps is Product, which signifies the importance of your product knowledge. As a marketer, you should know everything about your product. You can ask some questions like:

• For whom you are designing the product or who needs it?

• Why they need this product?

• Are there any other similar products already available out there?

• If yes, then how is this product different from them?

When you ask these questions yourself, you will get the information you can use in your marketing strategy. The product could be a unique item that consumers need. You can highlight its differences with the rest of the products. 

Like what makes it different from other products available in the market. These points will help you in making an effective marketing plan. 

Example 

Let's take an example to see how you can use this P in your marketing strategy. Suppose your product is a premium smartphone. Now, you have to collect information about it. Like what its specifications are and what features it offers to the consumers. 

What are other smartphone options available out there, or what is the competition level, high or low? If any features make it different from other smartphones. It can have a high-pixel camera, more storage, or extra battery backup. 

Then, use these points as a highlighter and advertise your smartphone. In this way, you can present your product well to your consumers. 

Price 

The second P of the 4ps of marketing is Price, which is the amount your consumers can pay for a product. Again, this P is important because you can't present a product that is over the purchasing power of your consumer base. 

Before deciding on any price for your product, consider the below points:

• Its real and perceived value

• Supply costs

• Retail markup

• Competitors' prices 

• Seasonal discounts

Another factor that is important while considering the price of your product is whether you want it to look luxurious or affordable. If you want to present a luxurious product to your consumers, then you can price your product high. 

However, if you want to present a cost–efficient option to customers, you can price it low. So, before deciding on any price, consider all these factors first. 

Also, consider giving seasonal discounts if needed or if it seems appropriate. A discount can attract more customers to your product. On the other hand, it can also show that fewer people are interested in the product. 

Example 

To understand this P better, let's take an example of two brands. One is ZARA, as you know it is famous across the globe because it offers expensive products. 

This brand focuses on consumers who look forward to premium products. Thus, it designs and advertises its products according to the image of its brand. 

On the other hand, H&M is a brand that offers its consumers affordable products. In contrast to ZARA, it focuses on the consumer base that wants budget–friendly products. 

Both brands have their consumer base and decide the price of their products accordingly. 

Place

The third P of the 4Ps of marketing is Place, where the product should be available. Today's date, this means online and offline brick–and–mortar stores. 

This decision has to be made after considering various factors like the cost of launching it online or offline. Launching a product offline may only reach a limited audience who pass by the store or see its hoardings. In contrast, launching a product online can have a global reach and attract customers from various locations. Thus, the platform on which you will launch your products plays an important role. 

Here, the place also means the platforms where you can advertise the product and approach your right target audience. Making efforts to approach an inappropriate target audience will be futile. That is why you must first determine who your customers are and how you can approach them. 

Then, you can decide where to launch your products and advertise them. You will get quality leads when you present your product in front of the right audience. 

Example 

For example, you provide digital marketing services to your customers. So, now think about where you can find your customers. Well, it's pretty easy. You can find your target audience on online platforms. 

People generally search for services and products online, especially on search engines like Google and Yahoo. So, if you use SEO to rank your website on search engines and Google Ads to attract paid traffic. 

Then, there are good chances you will approach your target audience and attract customers. Also, with SEO, you can fetch organic traffic to build a relationship between you and your customers. 

Promotion 

The fourth P of the 4Ps of marketing is Promotion, which is how you advertise your products. It is crucial in marketing because if you are not promoting well, all other Ps can't help you. 

The primary goal of promotion is to establish positive communication between the company and its customers. As a marketer, you must make customers realize they need your product and convince them to buy it. 

However, this is more challenging than it seems, especially in this era of internet and consumer awareness. That is why promotion contains overall media strategy, public relations, and advertising. 

Promotion is a dynamic component of the 4Ps of marketing with a versatile nature. If you want to market a product, then you have to do comprehensive research for it. 

Like:

• Are similar products available out there?

• If yes, then how their companies are selling them?

• Or what is their marketing strategy?

• What is their target customer base?

• How they are approaching them?

• Is there any gap between the marketing campaigns of these companies and the customer?

• If yes, then how can you take advantage of that and attract more customer?

However, it is important to note that promotion is not just about advertising. You have to build a positive relationship with your users. Prove yourself authentic and credible in front of them. 

Always maintain open communication with your users so that you can know their feedback. In this way, you will gain their trust and know what improvements you can use. 

Example 

Let's take an example to understand how you can ace promotion in marketing. Suppose you are launching a one–stop destination store that offers affordable products. 

Your store offers a wide range of products, including hairpins, clothing, groceries, electrical appliances, and other daily necessities. How can you effectively promote your store and its products?

Well, start with your competitors and have a ground check on them. What stores are available for daily supplies? Are they providing whatever customers need? Or are they offering any discounts or vouchers to customers for their shopping? 

Then, you can focus on determining your approach to customers, whether it be through offline methods or online strategies. You can think of something innovative to make yourself stand apart from others, such as you can start an online store and deliver products instantly to user's doorsteps. 

Now, you can plan your advertising and promotion strategy accordingly. In this way, you can start your business and promote it well. 

Marketing Mix Of 4Ps

In the above section, we have discussed the 4Ps of marketing with their example. Now, let's talk about how to use them together. When these concepts were first introduced, they were a part of the marketing mix. 

In this marketing mix concept, each component or P has its value. However, for better results, they have to be used together. Let's see how you can incorporate these Ps into your marketing strategy. 

First, let's begin with the product, know your product well, and highlight its unique features. Then, according to the features, you can decide its price. Also, you can compare similar products' prices and then select a suitable price for your product. 

Now, coming to the place, see what platform suits your needs the best, online or offline. Also, analyze both options' costs and check if most of your competitors are available offline or online. 

In the starting you can begin with the online platform as it requires less expenditure than brick–and–mortar stores. Later, you can consider having an offline store when your business grows. 

Whatever option you choose according to that, work on the promotion. You can promote your business online as well as offline. To attract organic traffic, you can use SEO and advertise online. 

Thus, the 4Ps of marketing provide a structural framework to build your marketing strategy. It lets you work on four crucial factors for your business that can change the game. 

Example 

Now, to understand the marketing mix concept, let's take an example. Almost everyone knows Burger King, the popular fast food venture with thousands of outlets. 

Taking this example, let's see how they worked on the 4Ps of marketing. First, they know what they are selling, a range of food items that people of all ages love. As a food venture, all they can do is make their food items delicious and diversify them.

Second, they understand pricing well and know what price range their competitors offer for the same food items. So, they decided to offer low prices to their customers. With this, they attracted customers who wanted to fill their bellies while saving their pockets. 

Third, about the place they decided to open their shops at points where there were more people. In their choice of place, they have thought about people who need to grab quick and affordable snacks. 

Their stores were available on roadsides, around workplaces, and on highways. These are the places where people need to have a fast breakfast, lunch, or dinner. Later, they also opened their shops near tourist spots to attract tourists. 

Now, for their promotion, they spent more on hoardings and banners. They empathized with affordable, hygienic, and delicious food items in their advertisements. So they build a positive relationship with their customers. 

As you can see, with the advent of technology, they have also worked on online presence. Now, they are offering their food items online, setting their prices, and providing discounts on online shopping. 

In this case, their place and promotion are online and focused on online customers. As a result, you can see how successful they are and expanding their business overseas. 

FAQs

Q. Which of the 4ps of marketing is most important for your business? 

Product is the most important P for your business in the marketing mix. It is the pillar of your business around which all other Ps of marketing revolves. 

Q. What are the benefits of the 4 Ps of marketing? 

4 Ps of marketing provides marketers and businesses with a framework for efficient marketing strategies. They benefit them by letting them manage all the important factors altogether.

Q. What are the 5 Ps of marketing?

As an extension to the 4Ps of marketing, the 5Ps of marketing are also there. Here, people serve as an important factor while making marketing strategies.

Q. What are the 5 Cs of marketing? 

The 5 Cs of marketing are company, competitors, customer, climate, and collaborators. These are the important factors for marketing strategies. 

Q. What is the target market? 

A target market is a group of people with similar needs for a product and share similar characteristics. For example, for a shoe business, all the consumers that demand shoes will be its target market.

Q. What are the four targeting market strategies?

There are four targeting market strategies: mass marketing, micromarketing, niche marketing, and differentiated marketing. However, these are common target strategies, and there can be more.

Conclusion

In this article, we have seen the 4 Ps of marketing and how you can use them for your marketing strategy. The four important Ps in marketing are product, price, place, and promotion. When you work on these factors, you can channel growth into your business. 

With time, the important Ps of marketing has expanded too, and now there are 7ps of marketing too. The earlier 4 Ps include people, processes, and physical evidence. 

So, to get the most out of your marketing strategy, use the four important Ps in marketing. At many times, they can overlap. However, that is inevitable and completely okay.