The 4 Ps Marketing Model
Marketing is at the heart of any business. Without marketing, it won’t matter how great your products or services happen to be – you aren’t going to make any sales. The marketing department is one of the key departments within any organization, as its success is going to go a long way toward determining the success or failure of the organization as a whole.
The 4 Ps of Marketing is a simple tool that will help you gain a better understanding of the marketing process from start to finish. You have to think logically and clearly about what you are offering to your customers before you can market your goods successfully – and the 4 Ps will help bring the clarity that you need. The 4 Ps are as follows:
It’s just that simple. If you can think about how each of those four points relates to what you are doing from a marketing perspective, you will be on the right track toward a successful marketing campaign. Of course, you probably have some questions about what each of those four points really means in the marketing context, so we have created a closer look below.
You are going to start, of course, with the product itself. Or, if you are offering a service, you would think about your service in this place instead. As you build a marketing campaign, you want to make sure that you aren’t leaving out any relevant details regarding your product that could be important to a potential customer.
To start with, your marketing needs to cover the basics such as the name of the product, the brand that is selling it, the basic features it offers, and more.
Once you have the basics covered, you can drill down into greater detail by thinking about how this product is different from the rest of the products currently on the market. This is the heart of your marketing communication, and it is what is going to sway customers over to your product. Consumers have choices in just about every market today, so you need to be very clear as to why your product is superior. Does it offer features that are not available otherwise? Is it made from better materials than the products produced by your competition? Give your target audience a tangible reason to buy your product and they often will oblige.
Getting outside of your own company, you now need to think about where you are going to find the buyers that you would like to target for your product. Where are other, similar products sold? Are you going to be attempting to distribute your product via only online channels, or would you like to find space in physical stores are well? Should you build a sales team which can take on the challenge of closing deals for your product, or is it going to be enough to setup a website and run some ads?
It is obviously important to find the right places to sell your products, however this task has been made significantly easier through the development of the web. Today, it is not hard to find the exact market that you are looking for, because nearly every kind of buyer is represented somewhere online. As long as you are willing to do the research, you should be able to find a clear path online that leads directly to your ideal market.
Before you can take any product or service to market, you need to be sure that it has a clearly defined, appropriate price. Depending on the market you are entering, this could be an easy task, or it could be quite complicated.
The easiest way to find your price point is by looking at other products that are already for sale. How are they priced? You don’t have to match this price exactly, but it certainly is a good place to start.
For instance, if a product from another company that is in your market is being sold for $10, and you are using superior materials, you may choose to come in around $15. Or, if you are trying to be the low-cost option in the market, your ideal price may be $8-$9. If the product you are taking to market does not have a well-established price, you are going to need to set the price based on your production costs. As long as you get somewhere close to the true market value of the item, you can adjust as necessary going forward until you find the perfect price point.
Finally, we get down to the topic of actually promoting your product. You might be tempted to think that this should be the first step when talking about marketing, but you actually need to work through the other topics above before you form a promotional plan.
At this point, you will start to think about what kind of media you can use to connect with the audience. Are you going to run television or radio adverts for your product? What about using online pay-per-click adverts, or social media marketing?
In addition to deciding how you are going to market your product, you also want to think about when. If your product is seasonal in some way, it obviously makes sense to spend most of your marketing budget during the high season for sales. Or, if you are running TV adverts, you will want to be sure to buy those during a time of day when your target market is likely to be watching.
Marketing does not have to be complicated to be effective, but you do have to carefully think through your strategy before you put it into action. Every organization is working from a limited ad budget, so wasting money on ineffective adverts should be avoided if at all possible. Through the use of the 4 Ps Marketing Model, you should be able to come up with a plan that is going to put your products and/or services in front of the right people, at the right price, at just the right time.
You can read more about the 4P’s Marketing Model in our free eBook ‘Top 5 Marketing Models’. Download it now for your PC, Mac, laptop, tablet, Kindle, eBook reader or Smartphone.
- You have to think logically and clearly about what you are offering to your customers before you can market your goods successfully.
- The 4 Ps stand for: Product, Place, Price, and Promotion.
- Your marketing needs to cover the name of the product, the brand that is selling it, the basic features it offers, and more.
- Consumers have choices in just about every market today, so you need to be very clear as to why your product is superior.
- Place refers to where the product is sold.
- The easiest way to find your price point is by looking at similar products that are already for sale.
- Promotion refers to how you are going to market your product and is influenced by the first three Ps.
- The 4 Ps model can help you to put your products and/or services in front of the right people, at the right price, at the right time.