The four P’s of marketing – Product, Price, Place, and Promotion – were popularized in the 1950s by Neil Borden.
The use of the four P’s of marketing means “putting the right product with the right price in the right place using the right promotion”. Others will say “putting the right product in the right place, at the right price, at the right time”.
Let’s first say that without a product, you cannot implement any one of the other three elements of the marketing mix. Having a great product allows you to sell it easier as it satisfies both a need and want.
These days the key point is the promotion as marketing strategies and techniques were all challenged by the new social media era. The rise of social media has made it possible for one person to communicate with millions of individuals about products. Having a huge fan or follower base on social media is a need. Growing your social media audience can take too much effort and time. If you own a business, you can buy Fans, Followers and Views and increase your Social Media presence, gain credibility and maximize your online reputation. It gives a boost to social media profiles and makes it possible to reach thousands or millions of people.
The Four Ps Model
A product can be tangible or intangible, a product or a service that satisfies a need or want of customers. it’s decisive to have a full understanding of what the product is and what makes it unique before it can successfully market it. A great product fulfils a consumer need, or it is so convincing and persuasive that clients think they need it. It is important to understand the life cycle of a product and define the strategy for every stage of its life cycle.
The benefits offered by the product and all its features need to be understood and the unique selling proposition of the product need to be defined. In addition, the potential buyers of the product need to be identified and studied.
3 important questions to be answered when creating a Product/Service
What does the customer want from the product/service?
What needs does product/service satisfy?
What size(s), colour (s), design, and so on, should it be?
Price definition is key as will affect marketing strategy, supply and profits.
Price must be the amount the end user is likely to pay for a product or service. Price impacts directly the revenues. Price must be relating to the value that consumers believe the product has; if a product or service is priced higher or lower than its believed value, then it will not sell.
However, marketers must consider supply costs, seasonal discounts, and prices used by competitors when defining the price.
3 important questions to be answered when defining the Price
What is the value of the product/service to the buyer?
Will a small decrease in price gain you extra revenues?
Will a small increase in price gain you extra sales?
Once you’ve got a product and a price, you can start to promote it. Promotion includes elements like advertising, public relations, social media marketing, email marketing, search engine marketing, video marketing, sales promotions, special offers and more. Each touch point must be braced by a well-positioned brand to make the most of the return on investment.
Promotion is just the communication aspect of the entire marketing function.
3 important questions to be answered when planning the Promotion
Will you reach your audience by advertising in the press?
Will you reach your audience by advertising on TV/radio?
Will you reach your audience by advertising on the web?
If you own a business, you cannot ignore the huge opportunity that digital marketing and social media marketing are offering today. Millions of possible customers may be reached easily through a content strategy placed on social media. Most people today use social media platform on a daily basis and it influences their purchasing decision. Surveys have shown that about 80% of people today search for credible social proof about the company before they purchase. So what is the secret for a social media success? Having a huge number of fans and followers. One of the options every entrepreneur should test and validate is to buy Facebook Fans or buy Instagram Followers to build the needed audience with just a few clicks.
Today, even where the deal doesn’t occur on the web, the initial room where potential customers are engaged and acquired is online. It’s critical then, to evaluate what the ideal places are to convert potential consumers into actual clients.
Decisions relating to the place regards where you would like to sell the product and how to deliver it to the market. The success of business strategist is to get the products in front of the consumers who are most likely to buy them.
3 important questions to be answered when defining Place
Where do consumers look for product or service?
Do you need to use a sales force?
What do other players do?