Marketing strategies are essential for a business to thrive in the market. When we talk about strategy, the so-called 4 Ps of marketing is one of the most prominent in this scenario.
This is an old technique for those who already know what marketing is. The popularization of the internet was adapted according to the new habits and behaviors of the customer.
Divided into four pillars, the technique helps to support marketing strategies for small, medium, and large companies.
In this article, we’ve gathered some information on the 4 Ps of marketing to put them into practice in your business. So, read on to find out all!
What Are The 4 Ps Of Marketing?
The 4Ps of the Marketing concept encompass the four fundamental pillars of any marketing strategy that start with the letter “P.” They are Product, Price, Place, and Promotion.
In addition, the digital universe has brought vast content, making it essential to create new strategies so the Company can be noticed.
The 4 Ps of marketing seek to summarize each basic marketing concept, considered interdependent variables. That is, one influences the other in the result.
With the 4 Ps of marketing also planned together, it is possible to have a much greater perception of your strategy. But what are each of the 4 Ps, and how do they work in practice? Check it out below!
First P: Price
Pricing is a determining factor in the public’s perception of the brand. In other words, it helps define the product’s image and the Company, making it essential to communicate assertively with customers.
In this sense, it is interesting to consider what image you want to convey to your consumers through pricing.
The public may perceive very cheap products as lower quality than the competition. On the other hand, such a strategy also facilitates the purchase decision.
Likewise, guaranteeing prices that are too low but do not meet the Company’s financial losses is not the best option.
It’s essential to consider pricing even as a start-up looking to stand out from the competition and attract more customers.
So try your best to get a fair market price. It needs to cover expenses, attract new customers, and facilitate decision-making.
In this sense, it is also essential to be careful with pricing too high. While this choice conveys more branded sophistication, offering a high price with average quality can make your customers never return.
In addition to these points, paying attention to possible characteristics that can cause price variations is essential—payment terms, region, and even inflation.
Second P: Product
If price is what you get from the customer, the product does the opposite: it is what the customer invests in return.
It is also the foundation of your Company’s creation. After all, every business needs to sell something. In this sense, the idea of offering a service also enters this part of the 4 Ps of marketing.
Therefore, it is essential to think about everything that involves the product, always seeking to bring the brand image that most resembles the target audience. Some features that should be considered are:
- design (fonts, colors, etc.);
- packing size;
- product quality;
- branding ;
- benefits (support, warranty, etc.).
In this P, it is essential to consider what the consumer is looking for from your brand. For example, when buying a slipper, the customer looks for characteristics such as:
Some companies sell more “informal” footwear made for everyday use. Therefore, it is also essential to consider all the aspects that complement the product.
Third P: Place
You’ve probably come across a fair, a book sale, or even a small festival in a square. All this, thinking about promoting the same thing: product.
In this sense, we can define this P as a place of purchases: sales channels and distribution points, whether digital or physical.
It is in the P for Place that your Company needs to think about how the product will reach the consumer. We cannot forget that the 4 Ps of marketing are co-dependent. Therefore, considering how the product will reach the customer is also essential to define the price to be charged in the final amount.
At this stage, you will decide:
- what will be the distribution channels;
- where will the distribution be (physical or digital? In which regions? In which points of sale?);
- stock locations;
- delivery time.
Here, it is essential to know where your persona is located. For a younger audience, it is interesting to bet on digital points of sale and distribution channels that involve an omnichannel strategy.
Getting this P wrong can hurt sales even if your product and price are aligned. After all, your target audience will not be able to reach your offer. For Praça, it is essential to remember the famous saying: “who is not seen, is not remembered.”
Room P: Promotion
This is one of the 4 Ps of marketing that most closely resembles the concept of marketing strategy in its most basic form. In this part, we will effectively publicize the brand and stimulate demand for the product.
Therefore, before the Promotion P, all other steps must be aligned. Good advertising is worthless if the product or the price does not please or if it is done in the wrong place.
In this P, the objective is to create public interest with persuasion strategies that go beyond a quality product and a fair price.
For this, we can use tactics such as:
- sales promotion;
- blog ;
- free trials;
- social networks;
Of course, this P was transformed with the popularization of the internet. Before, Promotion strategies did not need to consider digital actions, such as user comments or social media engagement.
Also Read: 5 Awesome Marketing Things To Try Now!