4P Marketing Strategy: Definition, Application and For example
In the 1950s Neil Borden popularized the term marketing mix or marketing mix which contained more than ten elements of marketing. The fundamental between them is a 4P marketing strategy.
Then in the 1960s, Jerome McCarthy designed a 7 P model, perfecting important things from the marketing mix. Over time, many P has been crystallized like 5p, 8p, etc.
But 4P marketing strategies such as the purest crystals are the core of the development of marketing models. Every other P model is an extension or modification of the original 4P. Therefore, this is a marketing foundation in any form.
In this article we will explain the 4P marketing strategy and why 4P is needed for marketing executives today and how they are still an important factor in the marketing of intangible and tangible products:
What is Marketing Mix or Marketing Mix?
The main purpose of marketing is to make your customers realize your product and buy it. The marketing mix is a collection of factors that can be used by the company to make consumers buy their products.
Like the term, this is indeed a mixture of many tactical marketing tools. The marketing executive role is preparing the right combination to produce excellent synergies between targeted products and audience.
The marketing mix usually refers to the set of 4P, which is. Product (product), price (price), promotion (promotion), and place (place).
The role of marketing mix is to synthesize the quality of products that are visible and not visible with targeted client aspirations. Marketing mix for manufacturing products will be different from products as services.
Who found a 4P marketing strategy?
Neil Borden was the first to popularize the idea of marketing mix in the 1950s. Borden defines marketing executives as someone who combines materials to make the right recipe to market a product. Then, E. Jerome McCarthy who sublimated the 4P marketing concept of Borden’s marketing mix ideas.
McCarthy has highlighted that 4P is. Products, prices, promotions, and places are the initial control elements available to form a marketing plan. He also articulates changes in these balance of these variables in a long-term perspective with the most difficult product modified.
What factors determine the marketing mix?
Every company that intends to find the right offer for their products needs to consider various factors before starting to do it. The marketing mix for each product will be determined by two factors, namely.
This includes the factors in the organization or related to the atmosphere in the company. The main internal factor is:
- Product properties
- Product stages in the overall life cycle
- Availability of funds
- Company goal
External factors are related to factors outside the organization. They cover the following aspects:
- Competition level
- Channel Efficiency
- Consumer buy behavior
- Control from the government side
Elements of 4P marketing strategies
1. Product (product)
The product is the heart of the marketing mix. All marketing activities begin with products. Products are not physical entities; It captures all aspects of tangible and intangible such as services, personalities, organizations and ideas.
Without a product, we don’t have prices, promotions or places. Therefore, of all 4 p, the product is the most elemental P.
Here, it is important to understand connection about the product and marketing mix. The product mix is a whole series of products offered by the company to its customers.
The decision regarding the product mix will depend on many factors such as:
- Brand name
- Product variations
- Packaging, Returns, etc.
2. Price (price)
Price is a monetary value that must be paid by the customer to obtain or have a product of a company. This is an important income producer for the company.
Pricing decisions must be taken very carefully, because this is a two-edged sword. If your product is valued too high, your product might give a high-quality impression. At the same time, this will make your product placed in a limited store and. So, marketers must know art using the right price setting
Price mix decisions need to consider the marketing variables below:
- Price setting method; policy; strategy
- Discount, Rabat.
- Payment period
- Credit policy
Your business pricing strategy must be in harmony with the overall purpose of your organization to be able to blend smoothly. Whether you want market penetration or read at a glance all this depends on your pricing strategy.
3. Promotion (Promotion)
One of the 4P marketing stratifies aims to serve two goals. First, tell potential customers about your product and second, persuade them to buy your product.
Promotional strategies will thus cover various ways that you can use to communicate with the target audience. Effective promotional mix will ensure good sales and marketers must try to create a conducive environment.
The main element of the promotion mix is:
- Personal sales
- Public relations
- Direct marketing
- Publicity – social media, print, etc.
- Sales promotion
4. Place (place) or distribution
Place or physical distribution related to the transfer of product ownership from producers to customers.
Your profit margin depends on how fast you can submit items. The faster the product reaches a sales point, the more likely to satisfy customers and increase brand loyalty. Therefore, place factors are very important in ensuring the competitiveness of your product on the market.
The following are mixed distribution elements:
- Distribution channel
- Warehousing decision
- Product handling
- Control inventory
- Book order
The Importance of 4P Marketing Strategies
The basics of marketing mixes based on marketing strategies 40 will increase the success of your product by providing benefits as follows:
4P marketing strategy: products, prices, promotions, places when combined correctly create coordination that gives the right promotion for the product.
Brand Loyalty and Value
Because this approach focuses on customer needs and their satisfaction, the product will produce good loyalty and brand awareness in the eyes of consumers.
Fliest to bring customers closer
Product features, prices, and sites try to take into account customer expectations. The promotional aspects provide to customers what your company offers and thus position the product better. Later, there will be a good relationship between consumers and your business organization.
Allow the right integration
Designing 4P marketing strategies requires critical thinking and perception. If it is combined correctly, your product will find a unique space in the customer’s mind.
Gathering in making the right decision
Interdependence and thoroughly from one element above the other guide you in decision making.
For example: if the price of your product is high, in your promotional activities, you must target customers with demographics that have high income, and your product design must be based on quality. Distribution channels and location, etc. Will also be guided by this decision.
Higher sales volume
The results of all these efforts are higher customer satisfaction and a greater market share that is compounded by increasing product sales.
Examples of 4P marketing strategies
If you feel the discussion of 4P marketing strategies is too complicated, let’s look at some examples.
The first P is an abbreviation of the product. For example, KFC chicken products will include a food display, a shiny red bucket with a smiley Colonel Sanders face, words on the combo package such as “Friendship Bucket” or “Triple Treat”.
Second, pricing strategies have used by spotify companies in Indonesia to get the best penetration almost remove all physical tapes.
Third p is a promotion, for example, Coca Cola utilizes the 2010 World Cup and the song theme is in such a way that, Coca Cola and soccer are all identical.
The place or distribution is P. Fourth Example: Apple iPhone is found easily in famous e-commerce stores such as Amazon and not in online stores that sell building materials.
Marketing is a context-based discipline. The internet has diversified traditional approaches to marketing. Internet-based technology facilitates deeper penetration to individuals.
But the core of marketing and its purpose remains the same, and the marketing strategy of 40p with thus is the starting point for every new, large or small business.
In the world of startup today, this strategy is very important.
Now, after we know 4P which requires a marketing process, it is time to show exactly which can make your business succeed or even destroy it.
Some marketing managers feel that promotion is the key to increasing sales. But advertising is about presenting utilities. If you have a fast food business for example, you cannot improve health through Junk Food products.
Pricing in reality is a matter of quality and distribution also depends on the target of consumers. But the target customer determines the quality of the product and the price, but what is the core in identifying the customer’s target? That is the idea of your product!
The product you have imagined. This is the starting point of all the process of thinking, therefore the most important of all.
In order for Your business is growing and increase the number of customers you don’t forget to advertise through the service Froggy Ads, You can start to advertise Your products, so that later You can increase the visitors on the portal of Your online business. Froggy Ads is an online advertising service that can help You control all campaign Your product.
These are our different traffic types you can buy:
- Push Ads – 11 billion impressions daily (Minimum CPC $0.003)
- Native Ads – 2 billion impressions daily (Minimum CPM $0.10)
- Display Ads – 5 billion impressions daily (Minimum CPM $0.10)
- Pop Traffic – 750 million impressions daily (Minimum CPV $0.0001)
We use Adscore to exclude bots and low-quality traffic.
Our advertisers getting an average of 74.000 conversions every day from our traffic.
Why Choose Froggy Ads?
Live support 24/7, Dedicated ads experts help to launch, run, and optimize ads according to your KPI, Transparent ad platform, Track your ads’ performance in real-time and scale-up, Very low minimum deposit, Proprietary technology, Enable only high-performing parameters of your ad campaigns automatically, Set up to 16 unique targeting options for the highest ROI.
As you know, is FroggyAds.com a self-serve (DSP) ad network that provides high-quality, high-performing, and brand-safe worldwide traffic for your campaigns. Right now, we have more than 50.000+ active campaigns from 15.000 active advertisers.