4 Ps of marketing

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What Are The 4 Ps?

The Four Ps of Marketing

Marketing principles are the most commonly used principles that are around since the 1960s, Neil Borden popularized the idea of the marketing mix—and the concepts that would later be known primarily as the four Ps.

Borden was an advertising professor at Harvard University. His 1964 article titled “The Concept of the Marketing Mix” demonstrated the ways that companies could use advertising tactics to engage their consumers. Decades later, the concepts that Borden popularized are still being used by companies to advertise their goods and services.

These principles stood the test of time. Businesses follow these principles for a successful marketing strategy. 

There are four original principles of marketing referred to as 4Ps or 4P marketing Matrix that companies use for their marketing strategy. These four basic marketing principles Product, Price, Place, and Promotion are interconnected and work together; hence, they are also known as Marketing Mix.

 

 

1- Product

All marketing activities begin with the product. Product is one of the most crucial principles of marketing. The product is not a physical entity alone; the product can be either a good or a service you provide to customers.

The decisions regarding product mix will depend on many factors like :

  • Design
  • Features
  • Brand name
  • Product variety
  • Quality
  • Services
  • Packaging, returns, etc.

2- Price

Once you understand and develop a product for the target group of the customer the next step is to make pricing decisions.

There are two types of pricing, such as cost-oriented prices and market-oriented prices.

In market-oriented prices, there is more to price than the contribution price, and it needs thorough market research.

Determining price impacts profit margins, supply, demand, and marketing strategy. Pricing can also vary because of the next  “Ps ”

 If your product is priced too high, it may exude a feeling of high quality. At the same time, it will make your product placing to limited and standard stores. So the marketer must know the art of wielding this dangerous sword of pricing.

The pricing mix decisions need to consider the below marketing variables :

Methods of pricing; policies;

  • Strategies
  • Credit policy
  • Allowances
  • Payment period
  • Discounts, rebates

3- Place

Placement is known as distribution channels and the process of bringing your products and services to the customers.

To get the right product, at the right place, at the right price, and at the right time.

The places often referred to as physical locations and regions. Today, we have expanded upon the term by using a place to describe distribution channels online website, or you can use multiple channels to reach a broader audience.

That can be also geographic regions and industries; and how environmental factors can affect sales.

Additionally, in today’s digital age, no matter where your store or services are located, a digital presence can make a huge difference in reaching out to your potential customers. As more and more people tend to search online for their needs.

The following are the elements of a distribution mix :

  • Channels of distribution
  • Online platforms
  • Warehousing decision
  • Product handling
  • Transport
  • Inventory control
  • Order processing
  • Coverage

4- Promotion

Promotion should give customers a reason to choose your product

Promotion is creating awareness for your products, services, company, and brand. All the ways a company use to build awareness for their product and services are known as promotion.

In the overall marketing mix, promoting a product is a challenging task for marketers.

The main elements of a promotion mix are:

 

  • Branding
  • Advertising
  • Direct marketing
  • social media,
  • Telemarketing
  • content marketing
  • influencer marketing
  • exhibitions
  • Sales promotion
  • Public relations
  • Television, Radio, Newspapers 
  • Publicity, print, etc.

The 7 Ps of Marketing

Over time, the 4P marketing mix expanded and became more comprehensive, and three more Ps were added as a strategy evolved. 

In 1981, Bernard H. Booms and Mary J Bitner upgraded Jerome McCarthy’s 4Ps model by adding 3 more Ps. That is how they created the  7Ps model of the marketing mix.

These principles, which reflected the changing reality of marketing theory and practice, are as follows:

People, Process, and Physical Evidence.

5- People

The ‘people’ element of the 7Ps involves anyone directly, or indirectly, involved in the business side of the enterprise. From team members to branch manager to customer service representatives, all play a vital role in the progress of a business organization.

paying attention to hiring the right people who are trained well with good communication skills and able to do the right job is essential for a business organization and can make a massive difference in creating and implementing the marketing plan. Good service all depends on the people who deliver it.

6- Processes

The process refers to the whole experience of product or services; from start to finish. The processes involved in a product’s delivery will significantly affect the customer’s experience, level of satisfaction, and lifetime value to your business. Processes are business activities, roles, or functions that ensure a smooth product or service delivery.

That means assessing aspects such as the sales funnel, your payment systems, distribution procedures, and managing customer relationships, for example.

All of these marketing mixes play an essential part in a business’s success, and the whole process is called marketing planning.

7- Physical Evidence

Physical Evidence is a proof of your business product or service. It could be promotional material or collateral. It is also the physical environment or ambiance of a business. It includes the things customers see when interacting with a business. And is all about ensuring every component involved with the product adheres to the same brand values as the product itself.

This creates a consistent, convincing experience for the customer.

For example, physical evidence can be packaging, tracking information, invoices, brochures or it also includes the case studies and testimonies from satisfied customers.

Principles of marketing strategy in the digital age

We are in a point where marketing space is continually changing and reshaping by new strategies, ideas, concepts, trends and best practices. Well, software tools and new technologies help marketers devise new ways to engage with there customers.

 

  1. Customer Marketing
  2. Immersive Interactions
  3. Transparency
  4. Internet Marketing ( videos, blogs, and social media, posts)
  5. The Cloud, AI and data analytics 
  6. Internet Marketing ( videos, blogs, and social media, posts)
  7. Mobile
  8. Video
  9. Podcasting
  10. Storytelling

Digital marketing vs. traditional marketing: what’s the difference?

Marketing is all about connecting with customers in the right place at the right time.

Traditional marketing methods are supporting our digital marketing and the two marketing methods do not operate in exclusion from each other.

The main difference between digital and traditional marketing is the medium through which an audience encounters a marketing message.

While traditional marketing is still effective, it’s not the only way to make your product popular among your target market. Today, The world is in a digital age, and millions of people spend so much of their time around digital platforms and your business can rely on a variety of marketing and advertising methods, to reach potential customers.

The promotion of products or brands via one or more forms of electronic media. For example, advertising mediums that might be used as part of the digital marketing strategy of a business could include promotional efforts made via the Internet, social media, mobile phones and electronic billboards. 

Business Dictionary

Made via the Internet, social media, mobile phones and electronic billboards. 

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