Marketing Mix 4Ps or marketing mix 4ps with Example is a good place to start when you are thinking through your plans for a product or service. And it helps you to avoid these types of mistakes.
What is a marketing mix 4Ps
The marketing mix is a framework for the planning of marketing activities. It includes four elements: product, price, place (distribution) and promotion.
The main goal of this section is to understand how the four parts work together in the product mix. So as to build a complete marketing strategy. We will take a look at each component before showing how they interact with one another.
Product: The product is the core of any marketing mix. It’s what the customer buys and is designed in a way that makes it stand out from its competitors. Our target audience is the customers. It is what the customer request or demands that will determine the supply to the market.
Then the 4 p marketing plan is based on the customer request. Social media, digital marketing and email marketing google analytics coupled with direct marketing has come a long way to profer solutions to basic marketing plans
.Thereby making it easy to reach the target customer or potential customer. These are all essential parts of a marketing mix strategy. That is put in place to achieve successful marketing. A marketer can not achieve a successful marketing plan without the marketing mix. We are now left with the question of what are the 4Ps of marketing mix
The product is the tangible good or service you’re offering. In other words, it’s what your customers will see and feel when they interact with you. This is one of the core element of the marketing mix 4Ps
It may be an intangible idea like a dream or an idea in the mind of someone who doesn’t even know that they want it yet. But once they do, then you have a product!
The product plays on people’s emotions and desires. Hence marketers are always trying to create new products that fit into this category. As well as ones that already exist but need some work (for example Apple Watch). For you to plan the 4Ps of marketing mix you have to start with the product
Let’s say you’re a clothing retailer. This is your product category. You could offer men’s pants, women’s pants and children’s pants. And each of these would be sub-categories within the category of “pants.
2.Price Marketing mix
The second important part of the 4Ps marketing mix is the price. Price is the most flexible element in the marketing mix. It can change to suit the customer, or it can as well changed to suit your supplier’s needs.
The price of your product or service may vary. This depends on where you are selling your product or service and to who you sell it. This means that different consumers will pay different prices. Even for similar products or services if they have similar needs!
Price is also an important factor. When determining which market segments might buy what you offer. For example, lower-income earners tend not to spend as much money on luxury items. While high-income earners tend to spend more).
3.Place (Distribution)
Place refers to the way in which you deliver your product or service to your customers. . But not by a person at my door (a channel).
The place is often overlooked in the marketing mix. Because it’s not as glamorous as the other 3Ps: product/service, price and promotion.
But the place can have an impact on customer acquisition and retention. This goes beyond satisfying a need for something new. It also influences how people perceive themselves as buyers or consumers. And how they feel about doing business with you over time.
4.Promotion (communication)
Promoting your product or service is the fourth P of the marketing mix. Promotion is the method by which you communicate your message to your customer. . There are several ways to promote your products. Through the following marketing tool and methods.
However, the other three elements of marketing mix 4Ps have to rely on promotion for the marketing mix 4Ps to operate on a larger scale. This has to do with creating awareness to reach a larger audience
1. Personal selling
2. Sales promotion
3. Marketing campaign
4. Marketing communication
5. Social media marketing
Advertising. The use of print media such as magazines, newspapers, radio, TV and billboards. This is one of the rare parts of the marketing mix 4Ps. This is the core element used in the promotion of your products
Public relations (PR). News releases or articles written about companies that are not for advertising. But help them build their brand awareness. In order to attract business from new customers
Product development – How will I make my product? Will, it is produced from scratch or bought from somewhere else?
Pricing strategy. What price will you charge for this item? And, how should is it priced relative to others on the market that are similar? Thinking of quality, features and other factors (e.g., size).
Distribution channels. – Who will distribute my product/service (e-commerce sites like Amazon). where located so that people can find them? Who owns them; who sells their products through these channels? How much time does it take for someone to order online? As compared to someone visiting one of these locations.
Furthermore, you can read about the 4Ps of marketing and how to apply them to your business
But there’s a lot more to a successful marketing plan than people, product, price and place. At the very least, modern marketing professionals have to also consider two additional Ps – promotion and performance – to advertise your product correctly and measure the effectiveness of your efforts.
Going even a little deeper, some marketing experts have, over the years, shifted their perspective, mainly in response to the rise of the internet and the seismic shifts it has affected on so many parts of daily life, including consumerism and marketing. Alana Burns
Marketing mix example
Take the Cocacola brand for example
The Coca-Cola Company had a long-standing strategy to exclusively use the Coca-Cola name on its flagship cola when diet colas first reached the market, starting with Diet Rite, thus when its diet cola was introduced in 1963, it was given the moniker Tab.
After seeing the long-term success of Pepsi’s sugar-free Diet Pepsi, which was introduced in 1964, Coca-Cola decided to introduce a competing sugar-free brand under the Coca-Cola trademark that could be marketed more easily than Tab.
Here we are using Cocacola as a clear example of a marketing mix 4ps example. Pepsi had no such reservations. Although Tab remained on the market for decades before the COVID-19 pandemic caused Coca-Cola to abandon it along with other slower-selling products, Diet Coke quickly eclipsed Tab in sales by a considerable percentage.
In 2018, Diet Coke was packed in a taller, more thin can (of the same volume) with four new flavors in an effort to appeal to millennials. [5] A year later, the cans changed back to their regular shape. Diet Coke is first produced in 1982 and quickly becomes the most popular low-calorie soft drink in America.
Conclusion
In this post, we discussed the 4Pc model and how it can help you better understand your product or service. for you to understand the marketing mix,
The product, price, and place are all interwoven but centred on promotion. The promotion of these 4ps is very important. To achieve a greater result.
we also provided a link to a more detailed explanation of each aspect. So that you can learn more about how these elements interact with one another.
