Marketing is a vast field mix of n-number of tools use to meet their marketing goals and objectives. Ultimately, it uses 4 P’s of marketing: product, price, place, and promotion.
The evolution in digital marketing caused many organizations to change their strategy and marketing plan to change and come up with new paradigms and marketing ideas to showcase their unique products.
Today’s marketers have access to a wealth of information and unlimited tools to collect data, analyse their marketing ideas, and act upon enormous customer & product information.
The changes in the marketing world have caused many marketers to change their marketing strategy, revise old marketing plans, concepts, and priorities. Marketers need to reconstruct their marketing plans to get better results and more effective in this digital world.
The 4 P’s of Marketing
The 4 P’s of marketing are price, place, promotion, and product. These key elements in any marketing strategy that helps an organization to stand out from the competition.
Why are 4 P’s so important in the marketing world? Below we break down each P and get some detailed study about them.
Product
A product can be any item that helps to fulfil the needs and wants of the targeted customer. A product can be a piece of cloth, or a piece of software, or any service that resolves customers’ problems.
Marketers must have a clear idea about the product or service before creating a successful marketing plan. Today, the internet is considered a medium to buy any product or service via an e-commerce store or social media services.
Price
First comes the product, and after that comes the pricing of the product among the targeted audiences. Pricing the product/ services is an art that involves deep study about the marketplace and skills to balance the price between too high and too low.
The price not only refers to the monetary value but also the efforts the customer is willing to expend to acquire it. Determining the value of a product takes effort, it will impact the supply, demand, and profit of an organization.
That’s why this P is a crucial factor in marketing strategy. If the price is too high or too low, it can make the organization fail before rising.
Place
The advancement in the digital world has raised a question on how to reach your customers? Place refers to how a customer can access your product/ services.
There are different mediums available including, social media platforms, SERPs, or email marketing. The concept is simple, putting the right product, at the right place, for the right customer, at the right time.
Even though the transactions are done online, the customers like to interact more with the brand before purchasing any product/service. It’s crucial to find the right place to showcase your product/ services before starting any marketing campaign.
Promotion
Does the next question arise how to showcase your product/services to your targeted audience? Well, Promotion refers to marketing communication.
Marketing communication uses different mediums including, social media, emails, advertisement, public relationship, or promoting sales.
The promotion area has seen a significant change in marketing strategy. With the access of promoting products from B2C or B2B, marketers can easily promote, personalize, and effectively provide a promotion solution.
Final Thoughts
The four elements of marketing strategy can help you to achieve a successful marketing campaign. Follow the 4 P’s and determine your own marketing solutions.
While today’s marketing environment has changed digitally but the 4 P’s are still the foundation of any marketing strategy. There are many new concepts formed by using the old methods- you need to experiment and keep learning which works better for your organization.
