Here are the 4Ps of the Marketing Mix
2020-09-08 /

Marketing Mix: The 4 P’s of Marketing

To convey the real value of what a business offers, marketers use the marketing mix. In this entry, we’ll learn more about this classic marketing strategy and how it’s still relevant today.

In today’s digitally dependent society, you have the world on one big platform. As of January 2021, it is estimated that 4.66 billion people are active internet users. That is about 59.5%  of the world population.

Among these active users, approximately 4.32 billion people access the internet via mobile devices. It is also projected that global active internet users will grow to about 5.3 billion in 2023.

With this in mind, businesses are leveraging the internet to connect with their customers. For startup owners, it comes with a lot of benefits in terms of marketing strategy.

Getting your products and services in front of customers becomes easier and faster. Geographical limitations are not a problem anymore because the internet is everywhere.

But with the boatload of information that is fed to people, consumers may ignore your marketing message. So, how do you get your sales pitch heard when several other voices are vying for your target’s attention?

Create Your Marketing Strategy

Promoting a product has become efficient and challenging at the same time. On one side, you get access to a larger demographic and gain the platforms to reach them wherever they are. On the other hand, your competitors are also tapping those very same platforms. This leaves the audience with information overload and an abundance of options.

Clearly, the challenge of modern-day marketing isn’t the lack of means to do it. Rather, it is the how-to-do-it part that’s tricky. How should you promote your product? How do you stand out from your competitors? And how can you effectively send out your marketing message?

You can start by studying the principles of good marketing. It helps narrow down what strategies work for your brand.

Marketing is a broad term. It covers a lot of activities related to promoting your products and services. But, all in all, its end goal is to boost sales. Your competitors are most likely leveraging every digital marketing means available such as social media, e-commerce websites, email marketing, etc.

And with that, it can be tough to keep up with them. This is where classic marketing approaches such as the marketing mix come into play.

What Is A Marketing Mix?

A marketing mix helps you tackle all the tactical components of a marketing plan. It lets you focus on the core areas of your marketing strategy to help you make well-planned decisions.

The marketing mix is a standard method for creating a cohesive, well-defined marketing strategy. Introduced in the 1960s by marketing expert and author E. Jerome McCarthy, it has withstood the test of time and is still widely used by marketers today.

The marketing mix is commonly represented by the “4 P’s of Marketing.” The 4 P’s that stand for product, price, place, and promotion. This mnemonic unifies the key elements to foster and promote the brand’s value.

Think of it as a checklist of items to consider as you decide how and where to promote your product. The 4 P’s of the marketing mix serve as guidelines to better conceptualize a well-rounded marketing strategy.

Marketing Mix and Its Nitty-Gritty

The 4 Ps of Marketing Mix

Now that we’ve established the marketing mix definition, let’s learn how to apply it in today’s setting. The principles of this method still hold today, though it also gradually evolved with the market, especially with the technology available for startups today.

1. Product

According to the 4 P’s of the marketing mix, a “product” is any tangible or intangible good or service that caters to the market’s demand. Marketers should be aware of the product’s life cycle. Understanding the stages of a product helps the business in making major decisions on its price, promotion, expansion, and eventual phase-out.

The product itself is an effective marketing tool. People gravitate towards quality items. So, marketers need to ensure that the product or service is performing as best as it should.

Here are the four stages of a product’s lifecycle:

  • Introduction—The early stage when a product is gradually rolled out to consumers. This includes investments in advertising and marketing campaigns.
  • Growth—After its initial release, the product then goes into further development. The business will increase production and expand its availability based on demand.
  • Maturity—A product is deemed profitable when its production cost declines and it no longer needs intensive marketing to sell.
  • Decline—Finally, as competitors emerge after the product’s success, the demand will start to wane. This means it will no longer monopolize its market share.

Early detection of issues within the lifecycle is important. This way, the production team can immediately address them. Marketers have to familiarize themselves with these stages to come up with an accurate and honest sales pitch.

2. Price

The product’s price will depend on its demand, perceived value, and cost of inputs. In setting your figures, you have to consider that it can drastically affect the market’s perception of the product and its value.

An affordable price will make it accessible to a wider market, while a higher one promotes itself to those consumers seeking exclusivity. Whatever price is set, it should be higher than the production cost to sustain the business’s profit.

One of the most effective marketing campaigns today highlights the price factor. It becomes a win-win situation when the cost of production declines and the price lowers so more customers can avail of it. Big sale events drive in a lot of sales while also paving the way for a company to introduce new items.

3. Place 

In the 4Ps of the marketing mix, “place” has to do with how the product is distributed to the customers. It refers to either physical location or digital location.

Basically, customers can learn about the product anywhere and buy it. While most business transactions are done online these days, the brick-and-mortar store still holds its appeal.

Regardless of platform, marketers have to consider a lot of factors about the place. The decision as to where to put the product will heavily affect the following:

  • Rate of its distribution
  • Storage and maintenance cost
  • Overall product sustainability  

Let’s apply this to the web. Say you’ve got a physical product available via e-commerce. The Place may be your website. However, if the vast majority of your target customers are shopping on Amazon, you may consider distributing via Amazon as well.

4. Promotion

Lastly, the final P stands for “promotion.” Only large corporations could avail of the dramatic influence of TV commercials, billboards, and magazines in the early days.

But with modern times come modern measures—and digital marketing is taking over the stage. This doesn’t mean, though, that marketers should automatically forego the benefits of traditional advertising.

Millennials may be taking over the marketplace but the buying power of other consumer archetypes still counts. The fastest way to reach the non-tech-savvy crowd is still through the traditional channels of advertising.

So, when it comes to the promotional aspect of the business, marketers need to weigh the pros and cons of their mediums. Whether it’s launching a viral marketing campaign or hosting a business convention, both can contribute to the company in different ways.

Startup Marketing: How to Get Started  

When it comes to running a business, marketing drives the wheels to success. A lot of startup owners suffer from the common misconception that a business can run on the product alone.

But considering the concept of the marketing mix, all 4 P’s go hand-in-hand. Your product is only as good as how it reaches its buyers. You have to invest in creative strategies to make your brand stand out among the sea of other companies.

Now, we all know marketing is no walk in the park. In a highly volatile industry, you’ve got to keep up with the trends to stay on top of your competitors.

You’ll need people on your team that can research the trends and devise the strategy for them. And the actual execution of the plan also plays a crucial role thereafter. Get your hands on the right talent to create your marketing message.

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