The 4Ps of Marketing: Understanding the Marketing Mix
The 4Ps correspond to widely used marketing techniques determine the company’s position in the market. The analysis of 4P allows to apply the appropriate marketing strategy Product (Product), Price (Price), Distribution (Place) and Communication (Presentation).
Read more: Focus on the Marketing Mix
1) Product (Product)
Product means everything the company offers to its customers, be it physical goods, services, brands, etc. This goes from the latter’s design, features to packaging.
From a marketing point of view, the company should benefit from this stage identify market needs and thus promotes a process that ensures customer satisfaction.
2) Price (Price)
Price determines how much a business will charge for a product or service. Here production costs, profit margins, competition, etc. is taken into account. The price reflects the imaginary value of the product. Indeed, too low a price conveys a “low-cost” and therefore low-quality image. On the contrary, a high price creates an impression of luxury and therefore quality. The price doesn’t have to reflect the company’s costs, but it’s fine mental representation of the product. In this context, the Marketing Mix is necessary because it determines the price at which the product should be charged in order to be of interest to the customers.
3) Distribution (Location)
Determines La Place (distribution). the channels through which the product or service reaches the consumer. These are physical stores, online sales sites, distribution networks, etc. can be. Specifically, The Marketing Mix determines the sales channels to be prioritized according to the target sought. Where young people will accept social media ads and therefore an e-commerce platform, older consumers will prefer to go to a store to see and touch the product they are about to buy.
4) Communication (Presentation)
The presentation refers to the various tools used by the company communicate with potential and current clients. This includes advertising, public relations, direct marketing, etc. can be. It can be a communication media public relations, direct messages, media advertising, sponsorship and sponsorship, and so on
Through this type of communication, the marketing department plays an important role in moving the product from warehouse to sales and financial margin.
Refine Marketing Mix from 4P to 7P
Although 4P is the most widely used and well-known Mix Marketing system, it is possible to do it complete it by moving to the 7Ps by adding the following 3Ps: Process, People and Physical Evidence. These additions make it possible to meet the demands of the higher sector in particular.
The sales process continues from product conception to after-sales customer satisfaction. Indeed, making a sale is an important element, however Loyalty is needed to secure sales and good profitability. In particular, this includes quality UX process.
Read more: The work of a UX designer: missions, skills and salary
People’s P fits to group employees. Indeed, a product can be unique and incredible if sellers and customer interlocutors return a negative image. this automatically reflects the brand image of the company. To prevent this, Mix Marketing also takes place hiring employees in line with the company’s values.
7) Physical evidence
Finally, reference is made to Physical Evidence product testing concept. By being able to touch the product and therefore test it, customers become more confident and reassured. This makes sales and referrals easier user experience conceptespecially for service companies.
Combining the 7Ps makes it possible to build a company’s Marketing Mix good strategy in all operational areas of the market.
Read more: Focus on the job of CMO (Chief Marketing Officer): missions, salary and prospects