What Are The 4 Ps Of A Marketing Mix?
As an investor or marketer, you have to keep the world aware of your product or service through marketing. Your business requires you to develop the right marketing strategies and tools. One standard marketing tool used to pursue marketing objectives is the marketing mix.
The term “marketing mix” is a base model for businesses centered around the four Ps. This article explains the four Ps of a marketing mix and how it can help you market your brand. We’ll also consider if ABM marketing is the right choice for you.
The Four Ps Of Marketing
The four Ps of marketing are the four main factors involved in marketing a product or service. Commonly referred to as the marketing mix, internal and external factors control the four Ps in the overall business environment. Also, they significantly work together to help businesses achieve their marketing objectives.
As a marketer or entrepreneur, you should use the four Ps to identify the critical factors for your business. What do customers want from you, and does your product or service meet those needs? How does the world perceive your product or service, and how do you stand out from your competitors? And how do you relate with your customers? The answer to these questions will help you set a price for a product. Here are the four Ps of a marketing mix.
Product
Product is the good or service you offer to customers. If possible, your product should satisfy the current market demand. Alternatively, it should be so captivating that consumers believe it is necessary to have it, thus creating new demand. For you to succeed, you must understand the lifecycle of a product. Also, the business executive must have a plan for dealing with products at each stage of their lifecycle.
How much you charge for your product, where you place it, and how you market it depends on the product type. Research shows that the most successful products are usually the first ones in their categories. A good example is Apple, the first company to manufacture a touchscreen smartphone to play music, make calls, and browse the internet.
Price
Price is the cost paid by consumers for the product. As a business owner or marketer, you must know how to set a price for a product. When selecting the price, consider the product’s real and perceived value, supply costs, seasonal discounts, and the competitor’s price. You must also determine if and when a deal is appropriate. Sometimes you have to raise the product’s price to make it look luxurious. Or you can lower the price to allow more customers to try the product. But this depends on your target market. While a deal may draw in more customers, it can also make your product appear less exclusive and less of a luxury.
Place
Place refers to the location where you are going to sell the product. When you determine the appropriate place to sell your product, you also have to consider the best way to deliver it there. Your main goal is to get your product in front of potential consumers, which involves placing your product in certain stores, online marketplaces, television shows, films, web pages, social media pages, etc. Make sure that where you place your product will help it to garner attention.
Promotion
Promotion includes marketing, public relations, advertising, and other product promotion strategies. The main objective of promotion is to inform potential customers of your product and why they need it. When you promote your development, you can either cast a wider net by targeting a broad range of consumers or go for high-value accounts, known as account-based marketing (ABM). ABM marketing is a focused approach to B2B marketing in which marketers and sales teams work together to target high-value accounts and turn them into customers.
In conclusion, remember to revisit your marketing strategy over time to determine if it’s still effective. When developing your marketing strategy, understand that the first four Ps of your marketing mix are not supposed to be static. You should continuously refine and adjust your tactics as your product grows and as your target customers change. Considering the four Ps is a simple way of approaching a holistic marketing strategy.