25/09/2020
The 4 Ps of marketing is a concept created in the 1960 by Prof. Edmund Jerome McCarthy. It is used to enhance the components of your “marketing mix”. It helps you define your marketing in terms of price, product, promotion, and place so that your offering meets a specific customer needs or demand.
Creating such a model it’s not something you will do over a night! It requires a lot of strategical thinking and focus! If you get one small detail wrong, the whole campaign can go disaster! 💥
For example let’s say we want to market a new candy made from stevia sweetener.
The candies are special because the stevia plant is calorie- and carb-free and unlike other sugar substitutes, stevia is derived from a plant. 🌱
We’d start by asking key questions about the first P - The Product itself 🍬
One important thing to ask is, “what do our customers want?”
The answer could be that they desire a candy that fits into their low-calorie or low-carb diet or they may even have an allergy to sugar, and they are looking for an alternative products with non-artificial sweeteners! We can also ask how our product competes other brands products that are similar to ours! For example we can say that the stevia in our products is extracted in a way that keeps its vitamins and minerals after its processed into a sweetener!
Next piece we must look is - The Place 📍
Where our potential buyers are looking for our product, will it be stocked in a supermarket, organic shops, fitness supplements shops, or it will be advertised exclusively online!
Next one is - The Price 🏷
Will people appreciate our product value, is our targeted audience price sensitive, how our product compares to competitors price!
And the final one is - The promotion 📡
This is where you define when, where & how you will get your message front of your targeted audience! So, what can be the best way to market your product? Will you reach your audience online, through supermarket promotions, Fitness influencers, on billboards, on TV, or even Radio? How do your competitors do their promotions? And how does that influence your choice of promotional activity?
As the four Ps all need to be considered in relation to one another, it doesn't really matter in what order you define them
The 4Ps of marketing is just one of many lists that have been developed over the years. Amongst the other models that have been developed over the years like the 7Ps which include the 4Ps plus people, processes, and physical layout.
Do you want to implement the 4Ps in your marketing efforts? Get in touch with me to learn more!
