9 MIN READ Show
Understanding How to Position Your Market OfferingMarketing is all about putting the right product in the right place, at the right price, at the right time. Sounds simple! You just need to create a product that a particular group of people want, put it on sale some place that those same people visit regularly, and price it at a level which matches the value they feel they get out of it; and do all that at a time they want to buy. To achieve this effectively, however, a lot of hard work needs to go into finding out what customers want, and identifying where they do their shopping. Then you need to figure out how to produce the item at a price that represents value to them, and get it all to come together at the critical time. But if you get just one element wrong, it can spell disaster. You could be left promoting a car with amazing fuel economy in a country where fuel is very cheap, or publishing a textbook after the start of the new school year, or selling an item at a price that's too high – or too low – to attract the people you're targeting. The marketing mix and the 4Ps of marketing are great tools can help you to avoid these kinds of mistakes. In this article and in the video, below, we'll discover more about how you can use them to develop a successful marketing strategy. Click here to view a transcript of this video. What Are the 4Ps of Marketing?The 4Ps of marketing is a model for enhancing the components of your "marketing mix" – the way in which you take a new product or service to market. It helps you to define your marketing options in terms of price, product, promotion, and place so that your offering meets a specific customer need or demand. The marketing mix and the 4Ps of marketing are often used as synonyms for one another. In fact, they are not necessarily the same thing. "Marketing mix" is a general phrase used to describe the different kinds of choices organizations have to make during the process of bringing a product or service to market. The 4Ps is one way – probably the best-known way – of defining the marketing mix, and was first expressed in 1960 by E. J. McCarthy in his book, "Basic Marketing – A ManagerialApproach." [1] The 4Ps are:
A good way to understand the 4Ps is by the questions that you need to ask to define your marketing mix. Here are some questions that will help you understand and define each of the four elements: Product/Service
Place
Price
Promotion
NoteAs the four Ps all need to be considered in relation to one another, it doesn't really matter in what order you define them. This is why you may find them quoted in a different order from the one used above. In particular, they're often referred to in the order "place, price, product, promotion." Alternative Marketing ModelsThe 4Ps of marketing is just one of many lists that have been developed over the years. And, whilst the questions we have listed above are key, they are just a subset of the detailed probing that may be required to optimize your marketing mix. Amongst the other models that have been developed over the years is Boom and Bitner's 7Ps, sometimes called the extended marketing mix, which include the first 4Ps, plus people, processes and physical layout decisions. Get the Free NewsletterLearn essential career skills every week, plus get a bonus Essential Strategy Checklist, free! Read our Privacy Policy Another approach is Lauterborn's 4Cs, which presents the elements of the marketing mix from the buyer's, rather than the seller's, perspective. It is made up of:
In this article, we focus on the 4Ps model as it is the most well-recognized, and contains the core elements of a good marketing mix. Using the 4Ps of MarketingThe model can be used to help you to decide how to take a new offer to market. It can also be used to test your existing marketing strategy. Whether you are considering a new or existing offer, follow the steps below to help you to define and improve your marketing mix.
Key PointsThe marketing mix helps you define the marketing elements for successfully positioning your market offer. One of the best-known models is the 4Ps of Marketing, which helps you define your marketing options in terms of:
Use the model when you are planning a new venture, or evaluating an existing offer, to optimize the impact with your target market. What are the 4 marketing elements?The marketing mix, also known as the four P's of marketing, refers to the four key elements of a marketing strategy: product, price, place and promotion.
What questions should I ask a marketer?10 basic marketing questions. Who is my target market? ... . How can I reach my target market? ... . How can I convince customers to buy my product or service? ... . Who are my competitors? ... . How do customers perceive my brand? ... . How can I make my business more visible online? ... . How are customers finding my business?. What does the product element of marketing involve?Product. These are the products or services you offer to your customers, including their physical attributes, what they do, how they differ from your competitors, and what benefits they provide.
What are the 4 major elements of a product strategy?The following picture shows the product life cycle with four key events: launch, product-market fit, life cycle extension, and end of life. The strategy for a new product should first help you get to launch, then achieve product-market fit (PMF), and finally sustain the growth of your product.
|