Neil Borden, a marketing expert in the 1950s, popularized the term “marketing mix” which included more than ten elements. The 4Ps of marketing was the most important. Jerome McCarthy developed the 7Ps model in the 1960s to refine the elements of the marketing mix. Many Ps, such as the 5Ps and 8Ps, have been crystallized over time. The 4Ps of Marketing are the purest form of crystal, and cannot be further refined. Each of the other Ps-models is either an extension or modification to the original 4Ps. While we may add a few more Ps to our 4Ps, we cannot move one P from it. It is the foundation of all marketing.

In this article, we will discuss why the 4Ps are so important for marketing executives today and how they still apply to the marketing of tangible and intangible products.

What is Marketing Mix?

Marketing is about making your customers aware of your products. A marketing mix refers to the combination of factors that a company can use to get the consumer to purchase its products. It is a combination of several tactical marketing tools, as the name suggests. Marketing executives are responsible for determining the best combination of tactics to achieve the desired synergy between product and target audience.

Marketing mix is usually defined as the combination of four Ps, viz. Product, price, Promotion, Place. The marketing mix can be described as a broad term. The seven Ps of marketing are often augmented by the additional Ps-process, people and physical evidence. Marketing mix serves the purpose of combining the product’s visible and hidden qualities with the aspirations for the clients. A marketing mix for a manufactured product is different from one for a service product.

Who came up with the 4 Ps of marketing?

Neil Borden was the first to popularize the concept of the marketing mix, in the 1950s. Borden defined a marketing executive to be someone who mixes ingredients in the right way to market a product. E.Jerome McCarthy was the one who took Borden’s idea of a marketing mix and created the 4Ps concept.

McCarthy highlighted the importance of the four Ps, viz. McCarthy highlighted the 4Ps, viz., product, price, promotion and place, as the first control elements to help shape a marketing strategy. He explained that the product is the most difficult to change and the balances can be changed.

What are the factors that determine the marketing mix?

A company that wants to find the perfect pitch for their product must consider many factors before they set out. Two factors will determine the marketing mix of any product:

Internal Factors

This includes factors that are found within an organization or concern the internal atmosphere of the company. These internal factors include primarily:

• Nature of products
• The product stages of its overall life cycle
• Funds availability
• Company goals

External Factors

External factors are those that affect external factors. These factors include the following:

• Graduation of competition
• Channel efficiency
• A consumer’s buying behavior
• The government has control

Importance of 4Ps marketing

These benefits will help you increase the success of your products using the core marketing mix that is based on four Ps.

It creates synergy

When the four Ps of marketing are properly combined, they create a coordination that allows for a pitch for the product. The principle is “The whole is more than the sum of its individual parts”.

Brand loyalty and brand value

The product is regarded as a customer-oriented product and therefore earns loyalty and respect.

Serves as a hyperlink

Customers’ expectations are considered when pricing, product features, and location are chosen. Promoting aspects show the customer what you have to offer, and help position your products better. This creates a connection between the customer and the company.

Enables proper integration

Designing the 4Ps requires creativity and perceptiveness. When they are combined correctly, your product will have a unique place in the customer’s head.

Guides decision

In your decision-making, consider the interdependence of each element and the overall nature of each. If your product’s price is high, your promotion activity will need to target customers who are well-off. Your product design should be quality-based. You will also need to consider distribution channels and geographic locations. This decision will also guide you.

Sales volume increases

All of these efforts result in higher customer satisfaction, greater market share, and an increase in sales of the products.

The 4 Ps – Elements of Marketing Mix

Let’s now discuss the four core elements of the marketing mix: the Product, Pricing and Promotion.

1. Product

The heart of any marketing strategy is a product. The product is the core of all marketing activities. The product is more than a tangible entity. It encompasses all tangible and intangible elements such as personality, organization, and ideas.

We don’t have a product without it. Therefore, the Product is the most fundamental P of all the four Ps.

It is important to know what product mix means in marketing. A company’s product mix refers to the entire range of products it offers its customers. As an example, Apple, a leader in electronic branding, commands loyalty as a pioneer in mobile technology and devices. Let’s say Apple decides to increase its product range with a new Apple shoe. Apple.Inc’s product range will now include mobile phones, tablets and iPods as well as watches and the brand new Apple shoes.

Product mix decisions will be influenced by many factors, such as:

• Design
• Features
• Brand name
• Product variety
• Qualitative
• Services
• Packaging, returns, etc.

2. Price

The price is the amount a customer must pay to purchase or to own a product from a company. It is the key revenue-generating element of the company.

Pricing is a delicate decision that should not be taken lightly. Your product may seem high-quality if it is too expensive. It will also make it difficult for your product to be placed in standard and limited stores. Marketers must master the art of pricing.

Pricing mix decisions should consider the following marketing variables:

• Pricing strategies; policies and methods
• Allowances
• Rebates, discounts
• Payment period
• Credit policy

Your organization’s pricing strategy must be in line with your overall goal to blend seamlessly. Your pricing strategy will determine whether you are looking to penetrate the market or just skim.

3. Place (or Distribution).

Physical distribution or place is the term used to describe the transfer of product ownership from the manufacturer to the buyer.

How quickly you can move the goods will determine how much profit margin. The quicker products get to the point of sale, the better chance of satisfying customers and increasing brand loyalty . The Place factor is critical to ensure your product’s marketability.

These are the elements of a distribution mixture:

• Distribution channels
• Warehousing decision
• Product handling
• Transport
• Inventory Control
• Processing of orders
• Insurance

4. Promotion

It serves two purposes. It informs potential customers about your product, and then persuades them that they should buy it. This promotion mix will include all the communication channels that you have to reach your target audience. A promotion mix that is effective will result in high sales. Marketers must work to create an environment conducive to this. Your promotion strategy should include all the platforms that your niche offers where products and services can be promoted. You can use social media or niche marketplaces to promote your products.

For example, if your Magento store is owned and you wish to promote your products on Facebook, then you can opt for Magento2 Facebook Store Integration extension. This syncs store products with Facebook stores to promote and sell them.

These are the main components of a promotion mix:

• Advertising
• Selling personal
• Public relations
• Direct marketing
• Publicity: social media, print, etc.
• Sales promotion

Which of the four Ps is the most important?

Now that you have a basic understanding of the four Ps that make up the marketing process, it’s time to identify the one that can make or break it. Marketing managers believe that promotion is key to increasing sales. Advertising is all about utility. Junk food products are not good for your health.

Pricing is in fact a matter about quality. Distribution is also dependent upon the target customers. Target customers are what determine the product’s quality and pricing. But, who is ultimately responsible for identifying the target customer? This is your product idea or product concept. It is the beginning of any thought process and therefore the most important P.

Why is product the most important of 4 Ps in the Marketing Mix?

Your product choice will be the basis for the other three Ps, viz Promotion, Pricing, and Place. It is important to do thorough research about key aspects before you choose your product.

The product’s purpose should be determined by the user.

Four P’s of Marketing Examples

Let’s look at some examples if you find the 4 Ps discussion too long.

The product is the first letter of the alphabet. For example, KFC’s chicken products will include the appearance of the food, the bright red buckets with Colonel Sanders smiling face, and the words on the combo packs like “Friendship Bucket” or “Triple Treat.” The second P, pricing strategies, has been used in India by Jio Reliance to achieve the greatest penetration. This almost drove all mobile service providers out.

The third P is Promotion. For example, Coca Cola leveraged K’naan’s theme song and the World cup 2010 to create a brand association between football and Coca Cola. The fourth P is Place or Distribution. For example, Apple iPhones can be found in well-known e-commerce sites like Amazon.

Some additional Ps in the marketing mix

The very nature of marketing is changing due to technology. This technology is not only opening up new ways to market your products, but also allowing you to create new products that were unimaginable before. We can’t hold software in our hands but we know they make millions of dollars. The world of ecommerce marketing is not stagnant. You need to be on the lookout for the most recent Miami digital marketing trends. To keep marketing in line with current trends, there are some other Ps.

People

There are two types of people. The first is your employees, from the lowest to the highest ranks. They are the foundation of the entire structure.

They also include customers and external people. Customers are the heart of your company. Your work is their need and your satisfaction is their ultimate reward.

Process

It encompasses all activities that are involved in creating and delivering goods. It is evident that technology needs to be improved and upgraded. Your process efficiency is a key factor in the competence of your product. Process efficiency is key to speed, quality, and numbers.

Programmes

To keep up with current developments, a programme should include the traditional 4Ps and the new time requirements. Marketing activities must take into consideration the product’s nature, target audience, and other elements such as offline marketing.

Performance

It is the deciding factor. It has both financial and other consequences. These attributes can be used to guide your organization’s future expansions or changes in strategy.

Packaging

It is a key factor in building brand awareness. As more people become more interested in social media, a beautiful packaging can make your product stand out. Park Avenue shampoo’s beer bottle design is attractive and draws attention to the product. This can also help your product perform well on the top eCommerce marketplaces.

Evidence Physical

This is an important factor in choosing the right marketing mix for a product or service. Service products are often intangible, so they lack a tangible presence. Marketing is crucial for the sale of non-formal service products. Instead of focusing on intangibles, consider tangible aspects associated with services.

• Environment
• Layout
• Furnishing
• Decor
• Atmosphere

How do you design a marketing mix that works?

Are you looking for marketing solutions for Magento 2 stores Click the banner to get it!

We now have all the necessary Ps to help you market your product. Marketing managers must have the ability to see and interpret what is most appropriate for a product. To build a valuable understanding of your product’s market, product and customers, it is important to understand the marketing mix. To be successful, the marketing mix for a product should meet the following conditions:

The product should be in line with the intended positioning

To create a unique positioning for a product, each component of the marketing mix must complement each other. It should be consistent with the firm’s positioning strategy.

Matching target customer profiles

To be effective, the marketing mix must be tailored to the customer profile. This means that your product should be positioned superior in qualitative terms if the customers you target are high-end. Pricing should reflect the quality of your product.

Matching resources with companies

The first step is to thoroughly review the available resources at the firm. Your limit is determined by the resources. You may have grand plans, but they are only daydreams if you don’t have the funds to support them.

Assure harmony between elements

Your marketing mix must be well integrated to create a unique position for your product. Uneven internal components can affect your product’s credibility in the eyes and cause failure.

Competitive advantage

Remember that you’re not selling the product alone. However, you have the ability to make it stand out with your creativity. Your marketing mix should consider the strategy of the competition and include counter-attacking solutions.

Also, merge organizational goals

It is important to determine the overall goals of the organization and to align your mix with them. You must choose the right pricing, people and distribution methods if your company wants to reach a broad market with its new product.

Finally

Marketing is a context-based discipline. The traditional marketing methods have been rethought by the internet. The internet-based technologies allow for deeper penetration of the individual. The essence of marketing remains the same. Therefore, the 4Ps are the starting point for all new businesses, big or small. The 4Ps are especially important in today’s startup world. The additional Ps can be combined with the 4Ps to create the best results for the client, his product and company. Everything starts with the 4Ps.

Author bio:

Premjith heads the Digital Marketing in NYC department at Mindster, India’s leading mobile application development company. His 4 years of online marketing experience helps clients to expand their online presence as well as develop new business ideas.