4Ps of Marketing (Marketing Mix)

Updated on April 26, 2020
PGupta0919 profile image

PGupta0919 is a writer passionate about marketing and branding.

Source

Let’s start by understanding what the marketing mix is and then what are the 4Ps.

According to Philip Kotler, a marketing mix is "the set of marketing tools that a firm uses to pursue its marketing objectives in the target market.”

The 4Ps of Marketing are the following four tools:

  • Product
  • Price
  • Place
  • Promotion

The four Ps are interdependent, and they influence each other. To create a successful marketing plan, focus on these four components. If even one of these variables is not properly planned or executed, it can affect the whole marketing plan of a company.

Explaining the 4Ps

The 4Ps of marketing mix help a company create a successful marketing strategy. A good marketing plan ensures that these four elements are in coordination with each other.

Below we will understand the various elements.

Source

1. Product

The item being sold is called the product. A product is devised to satisfy a certain need of the target audience. A product can be either tangible (goods) or intangible (services) in nature.

It is imperative to know what exactly your product is and what need does it cater to.

A list of questions must be addressed to fulfil this ‘P’ of marketing, which are follows:

  • What consumer need is fulfilled by the product?
  • Who are my consumers, who will use the product?
  • Which features would be imperative to include in the product to fulfil the identified need?
  • How will the product be different from that of the competitors’ (if any)?
  • How will the end consumer use the product?

2. Price

The next ‘P’ in line is the price. The cost paid by the consumers for a product is called its price. Every product has a perceived value. In simple words, it is nothing but how much would a consumer be willing to pay for the product. It becomes a challenge for the company to associate the price to the product's real and perceived value. At the same time, it also needs to account for the costs incurred, their profit margins, and competitors’ product’s prices.

This has a direct implication on a company’s sales. If a product is priced too high or too low than the perceived value, it may affect sales as the customers will no longer to be able to associate with the value of product.

A list of questions must be addressed to fulfil this ‘P’ of marketing, which are follows:

  • What is the perceived value of the product?
  • How are the competitors’ products prices?
  • How much difference is there between the market price and your price?

3. Place

The next ‘P’ in line is the place. Place relates to the locations where the product will be sold, how distribution will take place to reach those locations, and the ways of delivering to the consumer. The company’s aim would be to identify the various locations where they want their consumers to find their products for sale. This can refer to either a physical marketplace or a virtual marketplace.

A list of questions must be addressed to fulfil this ‘P’ of marketing, which are follows:

  • Where are similar products placed?
  • Where do the consumers check for your product?
  • Which distribution strategy would be the best for the product?
  • Which channels should the distribution cover?

Source

4. Promotion

The next ‘P’ in line is promotion. Promotion relates to the marketing communication methods used by the company to inform, influence, and remind the target market of the product. This includes advertisements, sales, discounts and public relations.

A list of questions must be addressed to fulfil this ‘P’ of marketing, which are follows:

  • How are the competitors promoting their products?
  • Which promotion methods are ideal for my product?
  • Which promotion channel influences the target market the most?
  • Which methods should I use for promotions?

Example of Marketing Mix: Case of Zara

Let’s take the example of the clothing retailer giant, ZARA (owned by Inditex). It offers clothing items like jeans, tshirts, shoes, shirts, trousers, jackets and other accessories in its stores for women, men and kids. Their USP is that they provide the trendiest items, fresh from the runway looks. It is a fast fashion brand. Its lead time from the designing of the garment to the delivery in the store, ready to sell to the consumer, is one of the shortest in the world.

In terms of pricing, they follow a low-cost pricing. Their streamlined supply chain allows them to do that. In terms of place, they operate not only in their exclusive physical retail stores in various countries, they also sell online, through their website.

In terms of promotion, Zara spends very little on advertising. It relies on word of mouth promotion and social media campaigns for its brand. It offers its seasonal discounts from time to time, depending on the stock liquidity that is required. Despite very little expenditure on other conventional methods of promotion, it continues to be a leading fast fashion retailer in the world.

Conclusion

The four variables discussed above need to work in tandem to create a successful marketing plan. There is no one without the other. Having said that, it is important to understand that these variable are flexible in nature. We can always pay emphasis to one variable depending on the market requirement and as per the product. For this there is always a need for a continued control over the four variables, so that your product or service remains relevant and up to date. The four variable must be moulded to fit the consumers’ requirements.

Even though these the four basic tools of the marketing mix, over time it has been widely acknowledged that there are 3 more Ps, that the companies should focus on, in this day and age.

They are – process, physical evidence, and people. These collectively are called 7Ps of Marketing. But the basic building blocks are the four Ps as discussed above.

To develop a successful marketing plan, it is important to focus on all the 4 variables, i.e., product, place, price, promotion, because marketing is nothing but placing the right product, at the right price, at the right time.

Make sure to leave a comment below.

Questions & Answers

    © 2020 PGupta0919

    Comments

      0 of 8192 characters used
      Post Comment

      No comments yet.

      working

      This website uses cookies

      As a user in the EEA, your approval is needed on a few things. To provide a better website experience, toughnickel.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

      For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://maven.io/company/pages/privacy

      Show Details
      Necessary
      HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
      LoginThis is necessary to sign in to the HubPages Service.
      Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
      AkismetThis is used to detect comment spam. (Privacy Policy)
      HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
      HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
      Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
      CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
      Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
      Features
      Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
      Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
      Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
      Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
      Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
      VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
      PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
      Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
      MavenThis supports the Maven widget and search functionality. (Privacy Policy)
      Marketing
      Google AdSenseThis is an ad network. (Privacy Policy)
      Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
      Index ExchangeThis is an ad network. (Privacy Policy)
      SovrnThis is an ad network. (Privacy Policy)
      Facebook AdsThis is an ad network. (Privacy Policy)
      Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
      AppNexusThis is an ad network. (Privacy Policy)
      OpenxThis is an ad network. (Privacy Policy)
      Rubicon ProjectThis is an ad network. (Privacy Policy)
      TripleLiftThis is an ad network. (Privacy Policy)
      Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
      Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
      Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
      Statistics
      Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
      ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
      Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)
      ClickscoThis is a data management platform studying reader behavior (Privacy Policy)