What are the 4 P’s of marketing? The answer to this question will vary from business to business. However, generally speaking, these are physical aspects of the marketing process that all organizations must address. In this article, we’ll discuss the four P’s of marketing.
The first item on the list is “Physical Product”. In general, the marketing mix includes: A market for the product/service, a pricing strategy, a distribution system, and marketing assets such as marketing material, the product itself, advertising tools, and the like. The physical product itself is the tangible representation of the firm’s or its customers’ needs, desires, and problems; these become part of the firm’s or customer’s “pain list” when they’re encountered.
Pricing is also very important. Without it, no sales can be made-no matter how great the product or service is. It can even be the cause of the failure of the entire endeavor. A firm needs to establish a niche market, one in which they’ll specialize, sell, and attempt to convert. Otherwise, if they venture into a field where their product is not relevant, their efforts may be fruitless. The niche market must be one in which a firm can sell a product that is in demand, at a sufficiently high enough level to be profitable; and in which the selling and purchasing processes can be easily controlled.
Another important aspect of the marketing mix is “Price.” Marketing efforts must be designed so that they’re consistent with what potential buyers are willing to pay for the goods or services that they need. This means that a firm cannot charge prices that are too high relative to what a buyer will be willing to pay for the same quality. Instead, a firm should set a range of prices, preferably well below the cost, so that buyers have a reason to purchase from them.
A final factor in what are the 4 P’s of marketing is “Proactive Promotion.” Firms must establish and maintain an active marketing strategy, which involves consistently providing information about the products and services that they provide, as well as an overall plan for promoting those products and services. Without a marketing strategy, a firm is destined to fail, as nobody in his right mind is going to buy from a company that is not actively advertising. Furthermore, a firm needs to make sure that its marketing effort is consistent with the market it is attempting to serve.
Marketers must also set aside time to focus on marketing. This doesn’t mean that they should neglect the rest of their business, but they must set aside time to pursue marketing and promotions. A company must realize that selling is simply a process of identifying a market, establishing a product and service that address that market and then offer a service that is complementary to that product and service. If a firm doesn’t offer anything that is useful to the market, it will quickly lose its clientele.