The wide concept like marketing covers many things under it which makes marketing easy and complicated at many a times. We can say that marketing is putting the right product at right place at the right price at the right price.
If you read the above statement you find it very easy however it’s not that easy to implement and needs a well written strategy and well planned future strategy.
There is a very popular concept of marketing and that is 4 P of marketing, lets a deep drive the world of 4 P of marketing.
What is 4 P’s of Marketing?
There is term in marketing which is widely used by companies and that term is Marketing Mix and it has four pillars and those pillars are product, price, place and promotion. 4 P’s are the part of the broader term marketing mix. Marketing mix helps the companies what product and services can be offered and how to plan for the success of the products and marketing mix is implemented through 4P’s of marketing that is product, price, place and promotion.
In the world of marketing 4 P’s plays an important role as they decide everything about the product and on the basis of that the marketing team decides what exactly need to do for the success of the product.
Marketing Mix was coined by the Professor Neil Borden in 1950’s, as marketing mix was a broader concept. Later E.Jerome McCarthy who gave the concept of 4 P’s of marketing, he presented the 4 important element of the marketing mix which became very popular and still is a popular concept.
The 4 P’s are involved in the marketing of goods and services. The 4 P’s of marketing are depends on the internal and external factors of the marketing as they are connected to each other in some or the other way. Mostly companies used the concept of 4 P’s for the following purpose
- · What consumers want from them
- · How are they going to meet the need of the consumers
- · How their product will perform in the market
- · How their product will stand out in the market
This entire tricky question will get the answer with the help of 4 P’s of the marketing.
Let’s understand in a better way what is the 4 P’s of the marketing and why are they so important for the business. The 4 P’s are as follows
- · Product
Product can be any good and services which companies are offering to the consumers, product must fulfill the immediate need of the consumers, if product is not able to fulfill the immediate need of the customers however product has to be so good that the demand can be generated for the product in the near future. Before deciding the product to launch the marketing team has to understand the product life cycle very well so that they can make the effective strategy to go ahead and make the product successful in the market and between the customers. All the marketing strategy based on the product and product is the heart of the strategy, products helps in deciding the price, place and promotion that’s why product is the most essential in the 4 P’s of the marketing.
- · Price
The value in terms of money paid by the customers to get the product from the company is a price and it is the main source of the revenue for the company. While deciding the price many other factors also has to be considering such as the real value of the products, competitors product price, supply cost and many others. The process has be decided in such a way that it should not dent the pocket of the customs and everyone can buy it and use it.
Deciding on the price of the product is an art and science as well, where in market data and the careful calculation is very important, the price must not be very high and should not be very low and if the discounts is implemented on the products than also pricing has to be effective as per the customers ability to buy.
- · Place
Place involves many aspects such as where to launch the product and product always launch in such a market where people are likely to buy the product. While selecting t he place we have to think about the location, distribution and how are we going to deliver the product in the market and to the customers, it is very important to understand the planning behind the place for the product.
Placing of the product is all about how good picture you present in front of the buyers so that they can view and buy your products. Where we place the products on the physical store also plays an important role in the success of the product and this is an era off ecommerce mostly people like to but good and services through online shopping and how you place the product in the online market is very important.
- · Promotion
Promotion is all about how are you going to aware the customers about your product and pull them to buy you products and keep on pulling them to buy the products, it means it is all about sales, marketing, personal selling and advertising. The aim of the promotion is to convey the best message to the targeted audience so that company starts selling the products and earn the revenue; companies can use various medium to give the messages such as radio, social media, television and print media all these considered the best medium to convey the promotional messages.
When we do promotion of the products in few cases we can mention the price of the product as well and we need to understand that there is a difference between marketing and promotion. The good promotion leads to the customer acquisition and sales of the product.
All these P plays an important role in the success of the product which leads to the higher revenue of the product just we have to take care of the product life cycle and has to understand it in an effective way.
Importance of 4 P’s in Marketing
4 P’s plays an important role in the success of the products it also helps in distrusting the products and plays an important role in the whole product life cycle; let’s look at another importance of the 4 P’s of the marketing.
- · New Product Development
When we develop the new product it is always good to consider the 4 P’s and then we start develop the product as per the market need and according to that we will be able to invert that much of amount the development.
- · Increase the Product Depth
When we try to make any changes and try to upgrade the product then 4 P’s plays an important role, according to that we can decide the price and then we have to change the promotional activity as well and has to look how and where to place the product to get the maximum successful compared to the existing products or competitors.
- · Improve the Business
When company starts analyzing their business then they consider many things and if we do analysis on the basis of the 4 P’s then it is always good as we can prepare the new aggressive strategy which leads to the upper side the ladder in the market. We can make the changes of the products as per the need of the customer and can decide the price according to the market and staring launching the product and promotional activity takes place and we can find the gap in the process and try to fill that which leads to the better and improved business.
- · Get the edge in the Market
When we start comparing our product and business with the competitors then we can make the better strategy for the market which helps in getting the edge in terms of the market and in products as well. Competitors might have poor price and placing strategy and we can learn from those gaps in the strategy and update the strategy for get more business and same kind of gap we can find in product and promotion as well.
- · Clean Strategy
While preparing the 4 P’s strategy we must consider that all are inter connected and if we make one thing which is not great then it affects the others as well, so while developing the product we must consider the price and while pricing we must consider where and how to place and how to get the maximum benefit of the promotional activity.
Whenever any company prepares the product strategy then they always consider the 4 P’s of the marketing. Since long it is one of the important terminology of the marketing and always plays an important role in the success of the product and in t he success of the company as well.
If we say the god of marketing Philip Kotler makes this term very popular then we are absolutely right. No matter we opt the traditional way or the digital way of marketing the 4 P’s are still the important factor and makes the deep impact for the product.
Product, Price, Place and Promotion is not just the words we use in the marketing if we integrate these words it makes the heavy impact of the strategy for the success of the company.