Understanding the Four Ps of Marketing

Simply put, marketing refers to the placement of a product at the correct price and place. A marketing mix commonly refers to the four major elements of marketing. Namely, the product itself, the price at which it will be sold, the places at which it will be available for sale and what measures are going to be taken to enhance the product’s success. These four together make the four Ps of marketing and are known to be the mix of a company and its products. The four Ps are highly influential in determining the sales of the product along with other important aspects like loyalty, image and the like.


Product

The very first P in the marketing mix is the actual product or the object or entity that is being put up for sale in the market. The product satisfies the needs of the customers and what they want from the product. It is commonly said that when creating a new product, firms should try to cover a marketing gap. The entire product’s designs, functions and features must be designed keeping in mind the gap the firm is trying to fill up. Asking questions will greatly help. For example, does the product leave the user satisfied? If not, what new features can be added to make sure that customer satisfaction is readily achieved? The customer’s experience of the product matters a lot. Another important aspect is the styling of the product and its appearance.

Price

As the header suggests, price in the marketing mix refers to the amount of money people will have to pay in order to purchase a product. Again, this is an important factor. In fact, some argue that it might be the most important. All other Ps may have done their jobs tremendously; the product is loved and is readily available but if it is way too expensive for customers to purchase, they will not do so. It won’t matter how much they want to own the product but if they do not have the money for it, they will not be able to buy it. While determining the price of the product, it is important for one to know the target market, their income and spending patterns.
 
Promotion
Promoting in the marketing mix refers to giving the product as much positive exposure as is possible. Not only does one have to make sure that all people in the target market become aware of the product but one also has to ensure that people are talking about the product in a positive way. One has to think of the mediums they can use in order to get their messages across to relevant parties. Advertising forms a huge part of promotion. Running advertisements on TV, print and radio is one aspect while sponsoring events to garner public awareness is another. However, one will have to see how they can reach their audiences quickly and without many hindrances. Time is also an important factor when promoting a product.

Place

The place of the product has an important role to play in the marketing mix. It determines where the product will be sold, whether it will be exclusively available or sold at all local shops. Again, this will depend on the product itself and where the potential customers of the product live. The managers will have to determine whether the product is accessible to target customers at the places it is currently sold. The distribution channels one adopts are under this heading too. For example, people can choose to sell their products directly to customers or by employing an agent to oversee the transitions as well.