If you’ve been a marketer for years, discovering the four Ps of marketing might seem like a step backwards.
However, for those of us who work in the industry but haven’t studied marketing in college, it’s quite possible that you haven’t heard of the marketing mix.
Below, let’s find out about the four Ps of marketing and how they are still relevant in today’s marketing landscape.
What are the 4 Ps of Marketing?
The four Ps of marketing are product, price, location and promotion. These are the key factors that go into the marketing of a product or service. You consider the four Ps when creating marketing, promotion, advertising and positioning strategies for your product or brand.
The Four Ps are meant to help marketers take everything about a product or service into account when deciding how to market it for their business. Framing your marketing around the four Ps will help you know what the competition is doing and what customers want from you.
You can use the four Ps to answer questions about the product, price, location, and promotion of your product or service.
For example, you might ask yourself:
- Product: How does your product meet your customer’s needs?
- Price: What is the value of your product?
- In law: Where are customers looking for your product?
- Promotion: How to differentiate your product from competitors?
Thinking about your marketing in terms of the four Ps will help you strategize to reach your customers. The four Ps of marketing are also known as the marketing mix.
What is the marketing mix?
The marketing mix is also known as the four Ps of marketing. It refers to the four key elements of a marketing strategy: product, price, location and promotion. These elements guide the marketing initiatives, the formulation and the positioning of a product or a brand.
To develop a marketing mix, you will need to think about how you can uniquely position your brand among the competition. The most important part of thinking about the marketing mix – or the four Ps of marketing – is understanding the customer, the competition, and your business. You will evaluate your product and how to promote it.
But getting started is not easy. That’s why we’ve created the ultimate collection of Marketing Mix Templates you can use to visualize your marketing mix and share it with your employees or investors. Use the templates to organize your initiatives and activities in the right section.
Featured Resource: Marketing mix models
Use the model to follow with the 4 Ps of Marketing below.
The 4 Ps of Marketing (example)
1. The first P of marketing: the product
When you think about your product, think about exactly what you are selling. Is it a specific product? Or is it a service? Your product can be a physical product, an online application, or a service such as housekeeping. Really, all you sell is the product.
Then think about your brand’s message, the services you offer, and even the packaging. When defining your product, think about the problem your product solves for your customers. Consider how your product is different from competitive products. What characteristics are unique to your product?
It is important to know your product intimately so that you can market it.
we will use Marketing center for example.
What is that? “Marketing automation software to help you attract the right audience, convert more visitors to customers, and run comprehensive inbound marketing campaigns at scale, all on one powerful, easy-to-use platform. “
Who is it for? Modern marketers juggling too much data and stuck with impossible-to-use software solutions that make their jobs harder, not easier.
What features does it have? Marketing Hub offers blogging, SEO, social media management, email marketing, and ad tracking tools on one intuitive platform.
What problem does it solve? Marketing Hub simplifies the marketing automation process for busy marketers by bringing all data and tools together under one roof.
2. The second P of marketing: the price
When it comes to the price, you need to consider how much you are going to charge customers for your products or services. Of course, you have to make a profit.
When you come with your pricing strategy, you also need to think about what competitors charge for the same product or service, and how much customers are willing to pay. You can also think about any discounts or offers that you can use in your marketing.
When deciding on a price, you want to think about perception. Do you want to be recognized as a profitable option in your industry? Or maybe you are a luxury brand and the price is slightly higher than the competition in the market. Keep in mind that SaaS product pricing is a little different from the pricing of physical products.
Either way, the language you use to market your product will be greatly affected by the price of your product.
Marketing Hub is priced to grow with you as you grow.
We offer the following subscription levels:
- $ 800 / month (Professional)
- $ 3,200 / month (Business)
3. The third P of marketing: the place
As for location, it can mean the physical location of your business, but it can also be defined as anywhere where you sell your product, which can be online.
The place is where you market and distribute your product.
Remember that not every place makes sense for every product. For example, if your target market is seniors, it won’t make sense to market on TikTok. It’s important to choose the right places to market your product and meet your customers where they are.
Think about the distribution channels and outlets you could use to sell your product. Be sure to take into account if your business is B2B or B2C.
At this point you will need to think about how to market your product across all the different channels that make sense for your business.
As a provider of a SaaS product, we offer Marketing Hub directly on our website.
Marketers can sign up for Marketing Hub by creating an account directly on our platform. We have created a practice registration page for free subscriptions – or they can request a demo from our friendly sales team.
4. The fourth P of marketing: promotion
Promotion is the bread and butter of marketing. This is when you will think about how to market and promote your product.
Additionally, you will discuss brand messaging, brand awareness and lead generation strategies.
When it comes to promotion, keeping communication in mind is of the utmost importance. What messages will resonate with your target market? How do you best promote your product to them?
Think about where, when and how you will promote your brand.
We want to be where the traders are. Most importantly, we want to help them advance in their careers, as well as grow their business.
Our inbound marketing strategy will focus primarily on organic acquisition. We will promote Marketing Hub on the following channels:
Use the 4 Ps of Marketing to Create a Winning Marketing Strategy
Although marketing has changed since the four Ps were developed, the fundamentals of the industry have not changed. You can apply the concepts of the marketing mix to create winning marketing strategies that help you profitably launch and promote your business products.
Editor’s Note: This article was originally published in October 2020 and has been updated for completeness.