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What are the 4 P's of marketing and how can they help you?
If you are in the world of marketing, you have surely heard about the 4 P's of marketing. This is a fairly basic concept that anyone interested in it should know
In fact, these concepts are as old as marketing itself and have worked perfectly so far. The main function of these 4 P's is to help companies achieve their business goals.
Today we are going to delve a little more into what these 4 P's of marketing are. In addition, we will talk about its advantages, importance and everything you need to know to be able to implement them in your campaign.
What are the 4 P's of marketing?
The 4 P's of marketing are a set of elements that are responsible for explaining how marketing works from an integrated point of view. Sometimes they can be known as the 4 P's of the marketing mix, but in general terms, it is the same concept.
Below, we're going to briefly go over what each of the P's is and what it actually means.
1. Product
The product is considered as the main element in any marketing campaign. After all, a marketing campaign seeks to sell or offer something.
This is a fairly broad concept and can cover a large number of things. Basically, anything that can be placed on the market for sale can be considered a product.
Many believe that it has to be something tangible, but it is not necessary, a digital product or service can also be considered as such. As part of the 4 P marketing strategy, it is necessary to define the product as best as possible.
2. Price
The next P we have is the price and this is defined by the amount of money that the consumer will have to pay for the product or service. In order to set an appropriate price for the product, many factors must be taken into account.
This is a very important part of the 4 P's of marketing, after all, this is probably the first thing people notice. And this can make the difference between whether the customer buys the product or not.
A complete analysis is necessary to really determine what the final price of the product should be. In this way, the company will be able to have its benefit and the client will be able to get the product without major problems.
A competitive pricing strategy is often the best option, especially in the early stages of the business. This is because it is a very good way to attract customers to that product you are trying to market.
3. Point of sale
The point or points of sale are another fundamental factor for the product and are part of the 4 P's of marketing. At this point, various factors must be taken into account, such as storage, transportation, shipping costs and any other factor related to marketing.
This will influence the company's profit margin and consumer satisfaction. The more points of sale covered, the greater the chances of being able to sell the product and obtain benefits from it.
4. Promotion
The last of the P's is promotion and this has to do directly with marketing, since it is at this point where advertising comes in. Depending on the product you sell, the possibilities for an effective promotion can be great.
With the advent of online marketing, the possibilities have increased considerably. To have an adequate advertising strategy, it is necessary that these are not intrusive and that they can attract the attention of the buyer.
Even today there are viral campaigns that have proven to be very successful as part of any advertising strategy. Each company uses the promotion according to their personal needs.
How to do the 4 P's of marketing?
You already know what the 4 P's of marketing are, you are probably interested in knowing how to do the 4 P's of marketing. The reality is that this is much simpler than you can imagine, and then we will give you a simple example of this.
The simple way to do this is to take a sheet of paper and draw a horizontal line and a vertical line. In this way, the sheet will be divided into four parts, each of the parts will be one of the P.
The first is the product, so at this point you will have to define what you are selling and what needs the product covers. Similarly, you will have to define its characteristics and what value it provides.
The next thing is the price and probably the most complicated part, since the cost of the product must be determined. To do this you will have to base yourself on the costs of production or purchase, the competition and the benefits you expect to obtain. After this analysis, you will be able to determine the cost.
In the third part, it is necessary to establish the points of sale, that is, how the product will be transported, how it will be stored and where it will be sold. Similarly, it is necessary to take into account shipping or transportation costs and operation times.
Finally, in the last part you must detail what advertising media you will use to promote the product. For example, if you want advertising on television, billboards or digital marketing.
When you have finished each of the parts, you will have a strategy for the sale of that product or service that you have described.
From the 4 to the 7 Ps of marketing
As we already mentioned, the whole concept of the 4 P's of marketing is an old one. Although it continues to work quite well, the reality is that other alternatives have appeared.
In the world of services, the 4 Ps have fallen short, so an evolution of them is used, in which instead of 4, there are 7 Ps. The first four are the same, but 3 new ones are added to dig a little deeper into the strategy. These three additional P's are as follows:
1. People
A service cannot be independent of people, that is, the user experience should be the priority when it comes to achieving success. For this, the training of staff is vital so that they can offer customers the best possible care.
2. Processes
Customer service must also be paramount so that the customer can feel satisfied, both with the product and the service provided. This attention must be given both before and after having made the sale of the product or service.
3. Positioning
This refers to the position or presence of the product in the market. This serves as a measurement to determine where the company is in the market. It is a way of determining which company or product is currently leading the market.
