What are the 4Ps of the Marketing Mix?

Have you heard of the Marketing Mix and wondered what the 4Ps are all about?

Learn more by watching the video and reading the blog post below:

The Marketing Mix 4Ps

The Marketing Mix 4Ps is an analytical model used by businesses to attract customers.It is made up of four elements which are referred to as Ps, simply because they all start with the letter 'P'. These are Product, Price, Place, and Promotion.

Product

The product element of the marketing mix is focused on the products or services that a business sells. Products are classified as tangible items as they come in a physical form and can be touched by the consumer. For example, smart phones, clothing, and trainers are all classed as tangible products.

Whereas services are classed as intangible as they cannot be touched by the consumer. Examples of services include, beauty treatments, car valeting, and pet sitting.

When developing a product to sell to the public, it’s crucially important that the business conducts market research to identify the wants and needs of the consumers within its target market.

Following this, where possible a business should seek to differentiate its products and services to stand out from the competition and increase the chances of the customers shopping with them.

This is where the USP comes into play as the business aims to make the product or service different to what is already available elsewhere in the market.

It’s important to be aware that the most effective businesses constantly adapt their marketing mix to the changes which happen within their environment.

Price

Price is focused on the selling price set by the business for its products and services. It’s a very important element of the marketing mix and one that truly impacts buyer behaviour. Before setting a selling price, it’s important that the business understands how much the customers within their target market are willing and able to pay.

However, there are several factors which influence how much the customers within the target market are willing and able to pay, these include:

• The availability of the product or service. For example, if a product is in short supply, this typically drives up the price a business can charge.

• The competition in the market. For example, if a business has many competitors who offer similar products or services, it is likely that it will need to reduce its prices to compete and attract customers within the crowded marketplace.

• The brand image. For example, most customers have a preconceived opinion about the business and its products which influences its worth to them. A business with a very strong brand image is typically able to charge more for their products and services as customers find the brand desirable and trustworthy.

Once a business has considered these factors and knows how much the customers within their target market are willing and able to pay for its products and services, it’s then able to utilise a range of pricing strategies to influence buyer behaviour.

Place

Place is focused on the location where customers can purchase the products or services which the business offers.

Common examples of place include:

• Retail stores which customers can physically visit.

• Online stores such as a website or a mobile application which customers can access via the internet.

• Purchases made directly from the manufacturer.

In today’s business world, it’s very important to provide customers with the opportunity to purchase products and services in a variety of places which are convenient to them such as having both physical retail stores and a website.

Promotion

Promotion is focused on the activities undertaken by a business to generate interest and make customers aware of the products and services which they sell. Businesses often use a wide variety of promotional activities with the aim of ultimately increasing sales.

Common methods of promotion include discounts and special offers, social media activity, influencers, sponsorship, and advertising across a range of multimedia such as TV, radio, billboards, online video, and website banners.

Scroll through our infographic to find out more.