4Ps of Marketing, one of the most famous concepts in marketing, is developed by Philip Kotler, one of the most famous people in marketing. According to Kotler, 4Ps are the key factors that you should consider while developing your marketing strategy and deciding your marketing mix. Those are Product, Price, Place and Promotion.
Although there are lots of Ps for marketing, we believe that these four Ps are enough for an effective start.
Main Benefits of KOTLER’s 4Ps of Marketing
When said marketing, people tend to focus on just Promotion. However, marketing is much more than just Promotion. It is only one P. 4Ps of Marketing helps you focus on main critical elements in configuring your marketing strategy and mix:
- What your customer needs – product.
- How much your customers are willing to pay – price.
- Where you will interact with your customers – place.
- How you will interact with your customers – promotion.
Explanation of KOTLER’s 4Ps of Marketing
- Product is your offering to your target customer’s need. It includes options, quality, design, features, packaging, and related services.
- Price is not a single number. It includes list price, market price, discounts, free of charges, coupons, distribution costs, competitors’ prices, etc.
- Place includes every physical and non-physical presences that you interact with your customers: distribution channels, platforms, websites, physical locations, inventory, delivery points, etc.
- Promotion includes branding, content marketing, advertising, search, influencer relations, social media, PR, voice, etc.
How to Apply KOTLER’s 4Ps of Marketing
The 4Ps, or the marketing mix, is a description of the strategic position of your product. Therefore, 4Ps should be in optimal mix, in a perfect harmony.
- Analyze how your product meets the needs of your customers.
- Decide on the optimal price for your product.
- Understand the places where your target audience is.
- Formulate marketing messages to promote your brand and differentiate it from its competitors. Considering Perceptual Mapping of your brand helps you create competitive promotion.
Additional Tips and Readings:
- Van Westendorp Price Sensitivity Meter might help you define your pricing strategy.
- Using Empathy Mapping helps you better understand your customers and innovate in with products.
Contact us to reshape your marketing mix in changing market dynamics.
