What is Marketing 4P? Marketing Manual for Beginners
As a Marketer, mastering the concepts of Marketing is essential. The concept of Marketing 4P was first introduced under the term Marketing Mix by Neil Borden in 1964. Let’s learn with CleverAds the issues surrounding 4P Marketing!
1. Correct understanding of Marketing 4P
The Marketing Mix (or Marketing Mix, Marketing Mix) is a set of tactical marketing tools controlled by a company that is used and coordinated with each other. To create the desired response of the target market.
The number of marketing mix tools/variables for physical products and services varies, but they all share the same four typical traditional tool groups:
- Product
- Price
- Place
- Promotion
These 4 factors are known as Marketing 4Ps. The level of success in applying the 4Ps in marketing will strongly affect the revenue of the business. These are the 4 factors that directly affect the purchasing decision of consumers.
2. Components of Marketing 4P
2.1 Product
The product is a mix of physical goods and accompanying services provided to the target market. Directly related to products, marketing managers must make decisions on types, designs, models, quality levels, brands, packages, and accompanying services.
2.2 Price
- After deciding on the product, the marketer must consider the decisions about the selling price.
- Price is the amount of money a buyer must pay a seller for the right to own or use the product.
- The exact price depends on many different factors and situations. In addition to the cost of the product or service, the company may have to make decisions about: discount rates, discounts, payment terms, forms of payment, and credit terms.
2.3 Place – Distribution
- The third component of Marketing 4P is the distribution channel. The distribution channel is the path of products from the company or the place of production to the consumer and all other activities to ensure that the company’s products are always available when customers need them.
- Regarding distribution, companies must decide on the selection of partners – Marketing intermediaries regularly build, consolidate, evaluate, and rank membership with intermediaries, decide on the mode of transportation, and so on. Transportation, stocking and storage levels, warehouse and store locations.
2.4 Promotion- Promotion Mix
- Finally, the 4th component of Marketing 4P is. Promotion mix is also known as marketing communication.
- Marketing communication includes activities related to providing information about the advantage of the product to the target customers to persuade them to buy the company’s products.
Marketing communication is carried out through the following main methods:
- Advertisement
- Personal sales
- Promotion
- Public Relations
- Direct Marketing
3. Importance of Marketing 4P
An effective marketing program requires the harmonious and skillful coordination of variables. Marketing 4P to ensure that the marketing programs of the businesses successfully implement the objectives. Marketing is based on delivering good value to the customer as expected.
The Marketing 4P components are also known as the tactical tools of Marketing. A better implementation of the Marketing mix program will ensure that the company establishes a strong position in the target market.
For many businesses, the planning and marketing strategy is always the beginning of the process of dominating the market. Companies with powerful resources may be able to plan a marketing picture for each product or service.
However, small businesses don’t have many choices because of limited marketing resources. In this case, businesses often look for companies that provide a total sum of marketing services. It is also known as Agency Marketing.
To be able to meet the market demand, many agencies with diverse service industries have been born to support and stand side by side with businesses and brands.
4. Conclusion
The aim of this article from CleverAds Blog will bring functional knowledge about 4P Marketing to you.
CleverAds belongs to Clever Group with nearly 15 years of experience, and there is always a place for businesses to put their full faith: bringing products, services, and brand image of the product to broad coverage to target customers.
