4Ps of Marketing Mix Explained Simply
What is a Marketing Mix?
Marketing mix is collections of 4Ps, that are different activities business do to build and market its product and service to its customers.
It supports to offer your customers the right product, at the right time and at the right place for the right price.
What are the 4Ps (Elements) of Marketing Mix
Emerging the correct marketing mix for your product and service which starts with understanding the 4Ps of Marketing mix. The 4Ps of Marketing Mix are listed below:
- Product
- Price
- Place
- Promotion
4ps of marketing mix
Product
Product (computer, iPhone, etc.) and service (restaurants, hospitals, etc.) that is offered as a solution to satisfy the customer needs.
This element of marketing mix will answer the following question:
- What does the customer want from the product and service?
- Will this product satisfy the customer needs?
- Is there any special feature which may satisfy the customer need?
- What is name of brand, its size, color, customer behavior etc?
While product development, you will need its life cycle and plan for different challenges arises during the development stages. Once the product reaches its final stage such as sales decline phase, it’s time to reinvent the product to win the demand of the customers again.
You May Also Read: Developing Strategies for Growth and Downsizing
Price
Price is payment of the product which your customer is willing to pay. This will helps in decide the profit you will be able to generate.
This element of marketing mix will answer the following question:
- What is product value delivered to the customers?
- Is the price reasonable?
- Is there any need for discount offered to the customer?
- What is prices of your competitors?
When you set a price for your product, you must think how much you have spent on producing it, what is the price ranges of your competitors’ products, and the perceived product value.
Place
Place is the distribution center of the product and the technique used in distributing it to the customer. It will be easily available to the customer. For instance, if you have a physical shop, it should be located in a place that can be easily found by the customer.
This element of marketing mix will answer the following question:
- Where from customers buy your products?
- What is the accessible channel for distribution?
- What our competitors are doing, how will you differentiate them?
- Is there are any need of Sales force?
Promotion
Promotion denote the methods a business utilizes to get the attention of the customers to their product. It may include sales promotions, public relations, advertising and customer service etc.
This element of marketing mix will answer the following question:
- Where will you communicate to your target market?
- will you reach to your target market/audience?
- What is best and perfect time for promotion?
- What method do your competitors follow?
If you are making promotion strategy, you must think what the tactics used by your competitors, and which channels is most effective in accessing your customers, and whether they match the perceived value of your product.
7Ps of Marketing mix
The previous 4Ps of marketing mix has been extended to 7Ps, three more elements of marketing mix have been added to 4Ps. It will discussed in next post.
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