The four ps of marketing explained

      151
*

The 4 Ps of kinh doanh — you’ve probably heard about them from a friend, a textbook, or even at school.

Bạn đang xem: The four ps of marketing explained

I know it sounds like a boring topic that’s comtháng sense, but there is more lớn it than meets the eye.

And no, it’s not just for large companies. The smaller you are, the more important for you it is to leverage the 4 Ps of marketing.

So before we dive sầu inlớn it, let’s first break down what they are…

What Are The 4 Ps of Marketing?

The 4 Ps of kinh doanh is a kinh doanh is a concept that summarizes the four basic pillars of any sale strategy.

The four Ps of marketing are:

Product: What you sell. Could be a physical good, services, consulting, etc. Price: How much bởi vì you charge và how does that impact how your customers view your brand? Place: Where vày you promote your sản phẩm or service? Where vị your ikhuyễn mãi giảm giá customers go khổng lồ find information about your industry? Promotion: How bởi vì your customers find out about you? What strategies bởi vì you use, và are they effective?

It sounds simple and it really is. The harder part is implementing the 4ps of kinh doanh, which we will get inlớn in the next sections.

The theory behind the 4 Ps of sale is that covering all 4 Ps will result in higher sales. But, sadly nothing is quite that easy.


*

The origin of the concept, also known as marketing phối, goes bachồng khổng lồ 1960 when McCarthy introduced it in his book Basic Marketing: A Managerial Approach.

I know that’s ages ago, but the 4 Ps/kinh doanh phối concept is just as valid today.

Let’s dive inlớn the concepts & look at 4 Ps of marketing examples to lớn underst& how you can apply this to lớn your own company.

The First P.. of Marketing: Product

The product is what the company sells.

It might be a product like a soft drink in the beverage industry or dresses in a clothing store. Or these days it may even be software like Ubersuggest.

*

It could also be services, such as consulting or a paid speaking gig or even a therapy session.

In short, the sản phẩm is everything that is made available to the consumer.

In the 4 Ps strategy, this means understanding what your offer needs in order lớn stvà apart from competitors và win over customers.

In other words, what makes your sản phẩm so great or unique? Because if you don’t st& out it’s going to lớn be hard to lớn thrive.

For example, you may know about my sản phẩm Ubersuggest, but you probably know about a handful of my competitors.

So what’s the big thing that makes my product stvà out from everyone else?

I don’t focus on features, I don’t have sầu 100s of reports. Instead, I focus on usability. My goal is to make Ubersuggest really easy to use, especially if you are new khổng lồ marketing.

Xem thêm: Cách Lamf - Cách Làm Trứng Chiên Nước Mắm Cấp Tốc Rất Ngon

On the flip side, my competitors focus on ad agencies và really advanced marketers. I built something for a different target market, even though I am in a crowded market place.

How to lớn Create an Amazing Product Your Customers Love

I want you to lớn bởi something simple. Go khổng lồ Hotjar, signup for a không lấy phí tài khoản, & run a poll. Just lượt thích the one below.

*

I’ve been running polls for a while now, but if you are starting off I would ask open-ended questions like:

What’s the biggest problem I can help you solve? This will give you an idea of what your hàng hóa needs to lớn vì chưng. What’s your favorite sale product and why? You’ll want lớn replace the word “marketing” with whatever industry you are in… this question gives you an idea about who your competition is và what they are doing right. Why did you come here today? This will tell you why people come lớn your site và what they are looking for. How can we make our hàng hóa better? This is great if you already have sầu a sản phẩm up as you will get real feedbachồng. What don’t you lượt thích about COMPETITOR ABC? Replace competitor ABC with your competition’s name… this question tells you where there is an opportunity.

I want you lớn pay special attention to lớn the last question. It really helps you identify how you can differentiate yourself from the competition.

Now, before you go and build a hàng hóa (or make yours better if you already have one), don’t invest too much time và money without getting feedbaông xã.

For example, if I were to add a new feature to Ubersuggest, I wouldn’t just build it. I would get it designed, show you first, get feedback, & then adjust from there.

That way I won’t waste months’ worth of time building a hàng hóa you don’t want lớn use.

The Second Phường of Marketing: Price

Price is simple, it refers lớn how much you charge for your sản phẩm (or service).

Although it’s simple lớn underst&, it’s really hard to come up with the “right” price. The one that doesn’t just drive the most amount of sales but also drives the most profit.

The real question is, how bởi vì you want to be perceived?

Amazon wants khổng lồ be the place where you can get the best-valued products from A to lớn Z. And of course, delivered fast.

My buddies’ company, Imperia Caviar offers high-kết thúc caviar at low prices. He’s able lớn get the same caviar that big brands charge thousands of dollars.

*

You would think having a cheap price is cheapening his br&, but instead, he is bringing transparency to lớn the market & educating people on how caviar isn’t really expensive… it’s actually just a marketing ploy.

I take a similar approach khổng lồ Ubersuggest. I don’t think kinh doanh software & education should be expensive. So I give a lot away for không tính phí or super cheap.

Do you think that has cheapened my brand or hurt it? Well, let’s look at the data:

*

I guess not.