The 4 ps of marketing (also known as marketing mix): If you are a digital marketer like us then definitely you also heard about 4 ps of marketing mix strategy and if not then today In this article we are going to explain the whole about 4 ps of marketing mix strategy with an example, so read it to clear your all doubts regarding this.
Mostly, large companies use this strategy for their business growth, but if a small business starts applying these 4 ps of marketing mix strategy then definitely it can grow their business as large companies. So let’s start understanding this marketing mix strategy.
What are the 4 P’s of marketing?
The 4 ps of marketing mix is the elaboration of marketing mix strategy, the 4 ps explains the basic and most important concept of marketing.
The 4 ps of marketing mix strategy are:
- Promotion and
These four ps are the most important pillar of marketing, it looks so simple but these 4 ps are the ocean of marketing. If a person understand these four ps then No one can stop him from becoming a great marketer.
These 4 ps of marketing mix are important in every businesses because it contains product (it can be goods or services), the price (which a customer has to pay to the seller),the place (it is the place where the product is selling) and the fourth one promotion, most of the people has question that what is promotion in marketing mix?
So we would like to tell you that it is actually the advertisement of product for higher sales. we had explained the 4 ps marketing mix strategy with examples in detail you can read it below.
These 4 ps of marketing mix strategy had came in market with the growth marketing industries. In 1920’s lots of product had started being manufactured in different sectors and the competition between the manufacturers started increasing.
Now to sell their products they started to apply different strategies, some strategies worked for them and some did not and after a lot research and experience’s of business man these 4 p’s of marketing mix came into existence.
If a person wants to enter in the business industry then he has to understand the 4 ps of marketing mix strategy to get success in his business.
Understanding the marketing mix (4 ps of marketing):-
Who created the 4 ps of marketing strategy? Neil Borden, an advertising professor at harvard university created the strategy of “marketing mix” and now it is known as the 4 ps marketing strategy
in 1964 he wrote an article titled “The concept of the marketing Mix” which was about the tactics used by companies at that time to engage their consumers. And after this the 4 ps marketing strategy became popular and now this strategy is also being started by companies to promote their goods and services.
Now here is the question : if Neil Border has promoted this as the concept of marketing mix then how does it get converted into the 4 ps of marketing mix strategy? So, the answer is after the promotion of marketing mix
It got refined multiple times over a number of years by the marketing experts, and there was a marketing professor named Jerome McCarthy who converted the concept of marketing mix into the “4 ps marketing mix strategy”.
Now again a new problem came, As we told above that the 4 ps are price, product, place and promotion and at that time there was some limitation in 4 ps of marketing mix strategy.
Business man can not handle the 2 ps out of these four (price and product) according to their choices (can keep the price and quality of the products according to their choice) but if we talk about place and promotion we could sell the product at a particular place and the promotional cost was so high and the ways of promotion was also limited, So what was the solution to face this problem?
So the solution was the Internet. It solved the problem of place and promotion, now the marketer could promote the product at low cost and also there was no restriction of place so they can promote their product at any place.
Now let’s we the understand the 4 ps of marketing mix strategy with examples:
4 ps of marketing strategy with examples:-
1. Marketing Mix “Product”:-
These are actually goods that the consumer want so, to fulfill his needs they will buy it or it can be something which solves the problem of people like vehicles , nobody need this until it got invented as it solves the problem of time and effort, people started buying it.
Now if we talk about product quality then a marketer should maintain the quality of the product if he wants to engage his customers with their products.
Let us take an example to understand the importance of products in marketing mix strategy. A few examples of great products can be Parle G biscuit, Apple Smartphone, Dairy milk Chocolate and many more like this.
There are multiple biscuits in the market but no one can replace Parle-G just because of its quality. And if we talk about smart phones then there are multiple phone companies available in the market but if we talk about popularity the Apple smartphone is this much popular just because
They understand their customers’ needs, they sell that type of smartphone which a consumer wants. That’s why after being so expensive people buy this smartphone and the apple company is in top.
Marketing Mix “Price”:-
It is the amount of money, what the customer pays during purchasing. Price of the product should be equal to the value provided by it or according to the product’s quality so that the customers can easily pay for the product.
A businessman also should price a product according to the target customers. If the product is mostly made for rich consumers then the price can be high, let we take an example to understand the importance of price in marketing mix strategy for example some cars like Bugatti, Rolls-Royce, Mercedes-Benz is too expensive just because it is made for rich people.
It does not mean that their qualities are not high, that is high but the price is more than that just because of their consumers. Similarly this formula is also applied on poor people’s or middle class people, if any product is manufactured for them then the price should be according to their budget.
A marketer should also decrease and increase the price for short period of time just to check the reaction of customers,for example if a small decrease in the price of product can increase it’s consumers then a marketer should do it
to increase their sales, Similarly if a small increase in price of a product does not affect its consumers then the marketer should increase it to increase their profits.
Also a marketer can decrease the price of a product in the form of offers for a short period of time, just to attract new customers.
Marketing Mix “Place”:-
Place is one of the most important pillars in the 4 ps of marketing mix strategy because if the targeted place is not correct then the sales of your product will be too low.
let we take an example to understand the importance of place in marketing mix strategy, we imagine that a marketer has a unique pen for students and his targeted place to sell it is near hospital, then tell me can the marketer sell his pen too much? The answer is no.
The perfect place to sell a pen can be present near a school, college or tutions because hear it’s targeted audience student are available in huge amount that’s why the sale will also be high. This importance of place in marketing mix strategy should be understood by every marketer.
In this internet world you can also select this digital world as your place to sell your products, in which you don’t need to invest in stores you can create your digital store or websites like Amazon, Aliexpress and many more.
Here your audience is unlimited. You can easily target your audience anywhere in the world according to your product and consumers.
For example:- Amazon, it has selected the internet world as the place to sell their products, now they can sell their products anywhere in the world. Anyone can reach there website in just few clicks and purchase the product easily.
That’s why in this modern era internet world it is the best place to start a business and marketing.
Marketing Mix “Promotion”:-
promotion is also the important pillar of 4 ps marketing mix strategy, because if you have the best product which solves the biggest problem of people and you have created a store to sell it but nobody knows about that product then how will you be able to sell it.
To sell your product, you have to tell people about your product , you have to promote it to get sales. That’s why the promotion is one of the 4 ps of marketing mix strategy.
Now there are multiple ways to promote a product , it can be online promotion or offline promotion. If we talk about offline promotion marketing strategies then it contains pamphlets, t-shirts, banners, magazines and newspapers, but offline marketing has some disadvantages like:-
Disadvantages of offline promotion marketing strategy are:-
- It has limitations in Audience reach.
- It’s Marketing cost is too high.
- It consumes a lot of time.
- Difficult to track the outcomes from your promotion.
it also has some advantages which are as follows:
Advantages of offline marketing strategy are:-
- It build relationship with customers
- It increases the trust in your product more.
- Presence of product in multiple places.
Now if we talk about online promotion marketing strategy then it is better than offline marketing strategy just because of its advantages which are as follows:
Advantages of online promotion marketing mix strategy:-
- Global reach: you can reach your customers all over the world through the internet.
- Less time consuming: you can promote your periods in a short period of time.
- less cost: you can promote your product on a low budget.
- Easily trackable: you can easily track the outcomes from your promotion.
As every coin has two sides it also has few disadvantages which are as follows:
Disadvantages of online promotion marketing strategies:-
- High competition
- Security issues
- Need online promotional skills or knowledge.
Conclusion: In today’s modern era these 4 ps of marketing mix strategies are too important to understand if you want to grow your business and want to defeat your competitors. we tried to explain all the concepts of 4 ps of marketing mix in detail with examples.
What are the 4 new p’s in marketing?
4 p’s in marketing include:- Price, Product, place, and promotion. These are the four important pillars in marketing mix strategy, in this modern world these 4 p’s are followed by each marketer and business man to be successful in their business.
What are the 4ps and 7ps of marketing mix?
There are mainly 4 ps in the strategy of marketing mix, which are mainly price, product, place and promotion. Now some marketers had extended it in 7ps with people, process and physical evidence to improve this marketing mix strategy.