4ps of Marketing: how to use this concept in 2022?
The 4ps of Marketing are a classic business management tool. It serves to plan a brand from beginning to end. When properly applied, it can contribute to bringing great results to the business. The acronym represents 4 words whose initials are the letter P:
What is this tool?
For starters, the 4ps of Marketing already have more than six decades of history. They are also known as Marketing Mix or Marketing Composite . The fact that it is a tool that has been in use for so long makes its value clear. The one who brought her into the world was a certain McCarthy. But who really made it popular was Kotler, father of Marketing.
It is a marketing planning tool whose purpose is to help build a brand and its products/services. How they work, why they are worth paying for, how they will be distributed, what their advertising should look like, etc. In reality, this tool has already unfolded and evolved, but it is so good that its original is still enough.
Product
Despite the P for product, this also fits your service or whatever. In other words, do you have an agency? A self-service restaurant that sells food? A clothing store? A fintech with a no-annual-fee credit card? Do you provide legal services? All of these examples fall under P of product.
And in this part of the planning, what you need to define is:
It is important to remember the following: when you want to create a brand, a product, a service, it is easy to fall in love with the idea. And this is important, because it motivates us to put our best efforts into them. But it's not enough. Because the challenges will come, and it will be necessary to overcome them. Therefore, search. Seek feedback. And make sure your product is truly amazing.
Price
The price is how much your customer will pay for your product/service, of course. But not only that. It is worth mentioning that price is also a communication strategy: generally speaking, a low price can convey the image of something of little value, as well as the opposite, of something exclusive, good, etc. Still, the subject is not exhausted. So, how to set the price P?
With this information, it becomes feasible to start pricing your product. There is also a lot of other relevant information here, such as the main metrics for your business , how much profit you expect, the market value and anything else that has a relevant relationship with price, money and value.
Place
The place where your product will be sold. And when we say place, we're not just talking about a physical place. After all, today we have the internet: e-commerces, websites, apps, marketplaces, social networks, online stores and so on. All of these represent the place where your product can be sold, much like a physical store.
As long as you plan. As? Define:
It is worth remembering that it is not enough to think about your place, but about the broader scenario. How will the distribution be? Do you need a logistics chain? And if so, who are these third parties? How will this work? How much will it cost? Will you depend on a delivery service? And if so, is this service any good? And so on.
Promotion
The part of the 4ps of Marketing that involves communication. That talks about how to promote your product. Promotion is your brand ’s marketing and sales planning : through which channels you will advertise, what these ads will look like, how you will generate revenue, what the sales process is, etc. And for that, set the following:
Here it is worth saying the following: today we have amazing promotion tools. In addition to print advertising and traditional media, we have digital marketing tools. You can use SEO on Google to answer questions about your customers' problems and be found by them, for example.
And the best: the digital environment facilitates something very expensive for advertising and marketing. The measurement of results. In digital, you can measure just about anything. Which makes it easier to understand what works and what doesn't – and so adjust to make it work even better.
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