What are the 4Ps of marketing? Keeping it simple, the 4Ps of marketing are just one of many lists that have been developed over the years, which helps you to define your marketing options in terms of price, product, promotion and place.
Why? So, that your offering meets a specific customer need or demand.
The marketing mix and the 4Ps of marketing are often used as synonyms for each other. However, they are not necessarily the same thing. The term marketing mix is a general phrase used to describe the different choices organisations must make, in the process of bringing a product or service to market.
A simple way to understand the 4Ps is by the questions that you need to ask to define your marketing mix. Here are some questions that will help you understand and define each of the 4Ps:
- What does the customer want from the product or service?
- What needs does it satisfy?
- What features does it have to meet these needs?
- How and where will the customer use it?
- What does it look like?
- How will customers experience it?
- What size(s) and colour(s) will be available?
- How is it branded?
- What is the most it can cost to provide and still be sold sufficiently to make a profit?
- Where do buyers look for your product or service? Online, in a catalogue, in a shop, in a supermarket?
- How can you access the right distribution channels?
- Do you need to attend exhibitions and trade fairs?
- What is the value of the product or service to the buyer?
- Are there established price points for products or services in your area?
- Is your product or service price sensitive?
- How will your price compare with your competitors?
- Where and when can you get across your marketing messages to your target market?
- Will you reach your audience by advertising online, on the television, on the radio, billboards or email marketing?
- When is the best time to promote your product or service?
Did you find this information useful? Download or print out our PDF…it may come in handy! The 4Ps of Marketing PDF
You can also read more about our marketing hints and tips on our blog section here.
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