4Ps of Marketing Mix - What are the 4Ps of Marketing Mix

4Ps of Marketing Mix – What are the 4Ps of Marketing Mix

4Ps of Marketing Mix - What are the 4Ps of Marketing Mix

Boarden mentioned 12 ingredients to create a marketing mix. It was too complicated for marketers. McCarthy helped them by categorizing those ingredients into 4 categories and he called them 4Ps of Marketing Mix.

  1. Product
  2. Price
  3. Place
  4. Promotion

Elements included in these categories help marketers in developing marketing strategies and tactics. These 4Ps of marketing mix were widely accepted and practiced by marketers. Kotler helped in spreading the idea.

So the company needs to build or produce a product based on the consumer’s need, then make it available at a reasonable price for the market, further put it out somewhere where it is conveniently apporachable to the market and last but not least provide information about the product and its characteristics through the media their market has access to.

let’s discuss the 4Ps separately.

1. Product – Marketing Mix

What is a product

it is anything that can be offered to satisfy the needs or wants of a particular group of people. Product can be classified as tangible or intangible. For example: iPhone, Car, Laptop are tangible product but Insurance Policy, Netflix, air travel, telecommunication or any service.

What should you do as a marketer?

You should make sure that the product is in demand for your market. And do that, an extensive research on the life cycle of product is mandatory. You should define the growth phase, maturatiy phase and sales decline phase. It will help you to reinvent the product so the product is always in demand.

All you need to do is to ask continuously to yourself that what can you do to present a better product at the best price to your market than your competitors.

2. Price – Marketing Mix

Why Price? Why is it an important element for developing a marketing mix?

As i mentioned earlier that to create a perfect marketing mix, you need to set the price of the product based on your customer perception. Your strategy for pricing will be based on how your customer perceive the value he is getting from your product and service.

Sometimes a low price is crucial but sometimes it indicates an inferior product or service. A well performed competitor analysis can help you in starting with creating a pricing strategy.

What should you do as a marketer?

  1. Ask yourself how much it cost to make or develop the product?
  2. What is the perceived value of product according to your customer?
  3. If you decrease price, how will it impact on your product positioning?

3. Place – Marketing Mix

So you have a product and you have figured out the pricing. Now the question is where are you going to put it for sale?

This is easy. You will surely want to put it somewhere your customer can easily find it. 

What should you do as a marketer?

  1. Understand your audience and their buying habits
  2. Figure out best channel for distribution

4. Promotion – Marketing Mix

The most important part for the success of a product is to create awareness about the product. Your audience must know you and should have enough information to judge the product. Potentials buyers must feel ready to test your product. 

Promotions are tricky. You need to manage their perception and create a culture around the product so people feel attached to it. You should talk to them in their language. You should talk to them when they are free. Information about the product must be available for people looking out.

What should you do as a marketer?

  1. Understand customer language and create promotion campaign in that language only
  2. Figure out the best time to reach out to them and set timing for campaign accordingly
  3. Research about different channels and find out the best way to find potential customers.
  4. Understand competitor’s promotion strategy
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Published by

Manoj Kumar

A thoughtful analytical marketer

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