If you are studying marketing, you have probably heard about the 4Ps of Marketing .
But do you know the importance of applying this concept to your digital strategies ?
To help you understand a little more about this concept and its importance, we created this article.
Just keep reading…
What are the 4Ps of Marketing?
The 4Ps of Marketing
The 4Ps of Marketing
The famous 4Ps of marketing , or as it is also known – marketing mix or marketing compound , consist of 4 basic pillars of any marketing action plan .
These 4 pillars applied strategically to the company's india whatsapp data marketing make it stand out compared to its competitors, and all the words in this strategy begin with the letter P:
Product ( product );
Price ( price );
square ( place );
Promotion ( promotion ;
What lies behind this thinking is that, by analyzing and carrying out such actions, the company becomes increasingly closer to its objectives, whether it be advertising , sales or building brand authority .
These are the 4Ps of Marketing that will help you reach your target audience and position yourself in the market .
This is relevant for both large companies/entrepreneurs and smaller businesses looking to expand. The important thing is to be unique and relevant in the customer's mind.
This highly valuable concept originated in 1960, through the book Basic Marketing: A managerial Approach , written by Professor Jerome McCarthy and widely disseminated by Philip Kotler .
Even though it is a theory from the 60s, this strategy has not become outdated and continues to be relevant and applied today.
The 4Ps of Marketing are variables that can be controlled by companies, that is, they are decided internally when planning.
Knowing the 4Ps of Marketing.
P for Product: Product is what is sold.
It ranges from a sweet treat to a party dress; an online course, a lecture or software; in short, it is what is made available to the customer in exchange for a sum of money , always thinking about the needs of the target audience .
It is the reason for the existence of companies. It is the product that satisfies the consumer 's need , a problem that sometimes he did not even realize he had, but when he saw your product he felt the need to buy it.
Pay attention to the design of both the product and the packaging, the quality, the features and options, the branding of the product, the assistance provided, the warranty, the training of your sales staff, etc.
Reflect:
What makes your product unique?
What solution will your product bring to the customer?
What can make your product better?
What practical benefit does your product bring that no other product can?
Think about the life cycle of your product – how long will it typically take for someone to buy my product again?
An additional idea is to always offer a gift when purchasing the product, which can range from a physical item such as a keychain, a calendar, a notepad, to an ebook or discount coupons.
P for Price: This is the sales value of your product.
The price cannot be so low that it does not provide you with a good profit margin, and after all you depend on this to survive, but also not so high that it scares away customers and harms your revenue.
In short, calculate a fair price, also taking into account the price of your competitor, those who lead the market, and at the same time sufficient to meet your financial commitments.
Look for ways to sell your product that cost you less; online platforms such as Hotmart , Monetizze and Amazon may be more advantageous than investing in a physical store, for example.
Price involves a psychological component, as the consumer will reflect and evaluate the cost-benefit , and this may involve emotional and unconscious aspects .
The more the customer sees value in your product, the more attached they will be to it and the more willing they will be to spend.
Example:
For artisanal products, such as craft beers, customers are willing to pay more because they know about all the work involved in the product, the use of premium products, different flavors, and sustainable production.