Marketing 4Ps and Marketing mix
Marketing 4Ps are an essential element of marketing, so every organization prepares the plan base on marketing 4Ps. The most important element of marketing 4Ps is customer needs and wants, so organizations plan on the basis of customer needs and want.
The organizations plan before product production, so they plan for the product, pricing, promotion, and place.
If you use marketing 4Ps the right way, you will grow your business.
If you plan for marketing 4Ps, then you will keep in mind your competitor.
Your competitor planning is important for you, otherwise you will not survive in the market.
What is the Marketing Mix?
The concept of marketing mix introduced in 1953, is a group of marketing variables.
Marketing mix variables are important marketing tools and the following components of the marketing mix are:
- People
- Process
- Physical Environment
- Product
- Promotion
- Personal Selling
- Advertising
- Direct Marketing
- Sales Promotion
- Price
- Place
What is the marketing 4P’s?
You heard about marketing P’s 8,7,5 and nowadays, the term uses 4P’s of marketing.
Your business will enhance based on the 4Ps of marketing, so the firms plan the marketing plan based on the 4Ps.
It helps your business in terms of product, price, promotion, and place.
Marketing 4Ps are as under
Product
Price
Promotion
Place
The First 4Ps Product
Product is the first element of four P’s of Marketing, but products have two types in the market.
Products are tangible goods or intangible services, tangible products examples are computer, Car, USB, Mobile charger, etc, and intangible products services are software, education, and business services.
Customers need and want are important elements in the production of products, so you will focus on customers’ needs and wants.
If you don’t prefer customers need and want, then your product doesn’t attract customers.
How to understand customer needs and wants?
If you want to understand customer needs and wants, then you talk directly with customers.
You can send questionaries’ via email to your target customers and get feedback.
Nowadays, you are living in 2020, so there are many mediums available to understand customer needs and wants.
Social media has changed the world because you deliver your message within seconds to customers.
How is it differentiated from your competitors?
You need to differentiate your product from competitors and how to attract customers towards your product.
Customers want to low prices, brand names, unique features, and attractive packaging.
The Second 4Ps Price
Who are your target customers?
When you decide the price of your product, and you know your customer’s mindset.
If your customers’ value is the product, then your product will sell at a higher price.
If your customers’ value is monetary, then your product will not sell at a higher price.
Price is a tough decision for a marketer because your customer has a different option in the market.
When you decide your product price, then you need to remember your target customer and your profit.
Because you need both for survival in the market and don’t determine price too high or low
You need to set a price based on your product cost, profit margins, expanse, direct or indirect cost.
How will your price compare with your competitors?
When you set a price for your product, then keep in mind your competitors. Are you new in the market? Or Are you competing at the same level as your competitors?
You have three options that are higher, lower, and the same price as your competitor.
The Third 4Ps Promotion
The product has produced and pricing strategy apples on it, and now the product is ready for promotion.
Promotion is an essential part of marketing four P’s because your target customers don’t know about your product.
They don’t know the product features, price, packaging, brand, quality, and place.
So, it is necessary to inform your target customers because it is important to know about the product launching time.
Now, it’s time to use all the marketing strategies and techniques to promote products in the market.
We need to promote our product at the right time and if your products are seasonal.
How to promote your product?
You need to select a medium for promotion because the medium plays a major role to promote the product.
Nowadays, you can promote your product via different media channels electronic, print, and social media.
You can use the following media for promotion:
- TV Channels
- Print Media
- Social Media
- Direct Marketing
The Fourth 4Ps Place
The first three P’s have been completed, then you need to search out the place where your target customers access to the product.
You learned one thing the right product, at the right price, at the right place, and at the right time.
You need to ideal market for your product and try to attract more customers.
If your product will be available only at the enormous store, then you will miss your large number of customers.
So, it is necessary to provide your product to every customer and try to reach the street, General Store.
The distribution channel is the most effective way to target your customers, the distributor has a salesman.
The salesman goes everywhere, and the product reaches to long far areas.
They try to place a product on the front shelf at the shop, and he communicates with the shopkeeper from time to time.
Conclusion
The important element is your customer and you will target your customer so organizations will focus on customer needs and wants. The planning for the marketing 4Ps basis on customer needs and wants.
If you understand that this blog provides you useful information then share it with your’s friends.
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