You have certainly heard of the 4 Ps of Marketing or the Marketing Mix. These concepts are closely related, as they make up the fundamental basis of any marketing strategy. In this article, we’ll explain what these four important pillars consist of and how you can use them to benefit your brand.
What is the Marketing Mix?
First of all, it is important to address the definition of the Marketing Mix. This concept consists of a set of actions or tactics that a company uses to promote its brand or product/service in the market. The 4Ps of Marketing constitute the typical marketing mix – Price, Product, Promotion and Placement.
More recently, new Ps have been present in the marketing mix of many companies, including Packaging, People and even Politics. However, the original 4Ps are the ones that must constantly remain in any successful marketing strategy.
The 4Ps of Marketing: what do they consist of?
As already mentioned, the 4Ps of Marketing are the four basic pillars of any marketing strategy: Price, Product, Promotion, and Positioning. The following presents each one in more detail:
It refers to how much you will charge for your product and how this value influences the way the public looks at your brand. So it is about the value that is assigned to a particular product. This number can vary depending on a number of factors, such as production costs, available demand and supply, the type of market in question, fashions and trends, among others. Price can also be used to differentiate and enhance the image of a product.
This is the product that is being sold. In this case, by product we mean physical products as well as services. It is important to understand the kind of product or service we want to sell, and to understand whether it will really be of interest to the public. In addition, it is also crucial to ensure a minimum level of performance and to check which features would be most appealing to highlight.
Promotion refers to all actions taken to bring the product or service to the public. This can include advertising actions in media such as radio, television, or social networks, for example. It is important to choose the advertising media taking into account our target audience and the message we want to convey.
The positioning, or distribution, is nothing less than the point of sale. In this step, it is important to reflect on the following questions:
- Where is our target customer?
- What media can sell my product or service (online and offline)?
- Which distribution channels work best?
- Do you want to sell directly to the consumer or go through an intermediary first?
- Where are your competitors?
What is the importance of the 4Ps of Marketing?
After all, why do so many brands rely on the 4Ps of Marketing to create their campaigns and strategies? Here are some advantages you can count on when investing in the 4Ps:
- It makes it easier to understand what a product or service has to offer customers;
- It helps you plan, develop and execute effective marketing strategies.
- It allows companies to draw on their strengths and avoid unnecessary costs.
- It helps determine whether a product or service is appropriate for a particular audience.
- It helps identify and understand customer requirements.
- It allows a company to become more competitive and adaptable in its market.
How to develop a marketing mix?
In order to develop a successful marketing mix, it is important to focus on certain steps:
- Setting a Goal
- Set a Budget
- Study the target audience
- Identify which feature/feature of your product/service you should highlight
- Know and understand the competition
- Create a pricing strategy
- Choosing distribution channels and payment methods
Once you have identified your target audience and competition, it is time to develop your marketing mix. The 4Ps of Marketing are thus four fundamental pillars that should be present in any self-respecting marketing strategy. Through them you will be able to address your target audience much more easily, gain relevance and notoriety in your market, and enjoy other advantages as well.