The 4 Ps of marketing is a popular framework for understanding the areas involved in marketing strategy. Sometimes known as the marketing mix, the four Ps of marketing — product, price, place and promotion — are vital to every good marketing campaign.
1. Product
Product is the good or service that the company is offering. Quality products should be able to satisfy customer needs, while also being able to satisfy customer demand. To effectively market a product, marketers need to pinpoint the value it brings to the customer and why customers would want it. The marketing team can start working on campaigns once these, and many other, questions are answered.
2. Price
Price is obviously a large factor into whether a consumer buys your product or goes to a competitor. Good marketing teams rely on industry research to appropriately price their products so they boost their market share and reach more happy customers.
3. Place
It’s critical that marketing professionals take place — both digital and physical — into account when marketing a product. Is a certain product more marketable in-store or online? Should you sell a certain product internationally? How do you market to certain geographical locations? How much does a location’s culture affect your marketing abilities? Marketing teams need to be hyper-aware of where they’re marketing to truly optimize their efforts.
4. Promotion
What good is a marketing effort if there isn’t some excitement and build-up around a product? Promotion includes the advertising, promotional strategy and public relations surrounding a product. “Should we create a commercial?” “Should we sponsor a podcast?” “Should we just run a Google Adwords campaign?” With some help from market research, marketing executives should be able to know when to target their audience and through which medium. Executing the promotion step of the marketing mix is vital because it helps to build fervor for a product and brand awareness.
