The 4 Ps of marketing were developed in the 1960s and are still relevant today. Discover why the 4 Ps are crucial to your marketing mix.
If Mad Men advertising guru Don Draper was teleported to the 2020s, there’s much about advertising and marketing he wouldn’t understand – global branding, big data, social media influencers, anything to do with the online world. Back in the 60s, there was no online world.
But there is one concept he’d recognise like an old friend or the bottom of a whisky glass: the four Ps of marketing.
The four Ps of marketing were developed back in the 1960s and have stood the test of time, to such a degree that they are still considered the cornerstone of every campaign and the backbone of every marketing mix.
You may have heard of the 7 Ps of marketing, which is basically an expansion of the original four to include people, process, and physical evidence.
However, the original four Ps of marketing are the essential elements that must be brought together to create a successful campaign: price, product, place, promotion.
The 4 Ps of marketing
Product
What are you selling? While that’s the easiest question to answer, there are three other core questions you need to focus on in marketing your product.
What problem or issue does your customer have that your product or service resolves? How does your product or service address this problem or issue? And why should a customer choose you over a competitor?
Nail these down and you have the basis of your entire marketing mix.
For example, you might be a hairdresser who favours naturally derived products. The issue your potential customers might have is that they want to colour their hair but are concerned about putting harmful chemicals on their body. The solution is to use organic products, and what sets you apart is that you are the only hairdresser in the area who uses non-chemical dyes.
Place
Chances are you have both online and offline spaces in which your product or service is displayed or sold. You may have a physical store or office, but you may also have a website or social media platform through which you also promote and sell your products or services.
Taking stock of all the places potential customers are exposed to your product or service will help determine your marketing mix.
Price
There are some basic considerations when determining the price point for your product or service – the cost of materials and production, the price of your competitors’ offering, and how much profit per unit is required to make the business viable.
There are also psychological considerations. How will the price of your product or service influence how your business is perceived? An inexpensive price point might send the message that your product is of low quality, but increasing it too much could put you out of consideration.
Promotion
The digital age has exponentially expanded the ways in which a product or service can be promoted, including social media, paid advertising, email marketing and video content.
However, it’s important not to neglect the traditional avenues, such as print advertising, which remain powerful drivers.
Why are the 4 Ps crucial to your marketing mix?
Almost 70 years after its inception, the four Ps of marketing are still relevant because they’re the most effective framework to determine how to get your product in front of people and move them through the buying cycle, from awareness and consideration to purchase phase.
The four Ps concept is crucial to the marketing mix because it determines how customers will learn about your product, where they can purchase it, how much it will cost, and why it’s relevant to them.
When it comes to creating a solid and strategic marketing mix, it’s important to understand how the four Ps of marketing fit into the whole picture.
Incorporate the 4 Ps into your marketing mix
Assemblo is a full-service marketing agency based in Melbourne. We can demonstrate how including the four Ps into your marketing strategy can translate to more effective marketing campaigns.
To find out how we can help your business, give us a call on (03) 9079 2555 or send us a note via the contact form below.