How To Advertise My Business – The four Ps are key aspects that must be carefully considered and implemented wisely in order to successfully market a product or service. These; product, price, location and promotion.
The four P’s are often referred to as the marketing mix. It encompasses a number of factors that are taken into account when marketing a product, including what consumers want, how the product or service meets those wishes, how the product or service is perceived in the world, how it stands out from the competition. and how the company that produces it interacts with its customers.
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Since the four P’s were introduced in the 1950s, more P’s have been described, including people, process, and physical evidence.
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Neil Borden, a professor of advertising at Harvard, popularized the idea of the marketing mix in the 1950s and the concepts that would later become primarily known as the four P’s. His 1964 article, “The Concept of Marketing Mix,” showed how companies can use advertising tactics to attract consumers.
Years later, the concepts Borden popularized are still used by companies to advertise their goods and services.
Borden’s ideas were developed and refined over several years by other key players in the industry. E. Jerome McCarthy, professor of marketing at Michigan State University, developed the concepts in Borden’s paper and called them the “four Ps” of marketing. McCarthy co-authored the book
At the time the concept was introduced, it helped companies overcome physical barriers that could hinder widespread product adoption. Today, the Internet has helped businesses overcome some of these barriers.
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People, process and physical evidence are extensions of the original Four P and are relevant to current trends in marketing.
Any successful marketing strategy needs to be reconsidered from time to time. The marketing mix you create is not intended to be static. As your product grows and your customer base changes, it needs to be adjusted and refined.
Creating a marketing campaign starts with understanding the product itself. Who needs it and why? What does it do that no competitor’s product can do? Maybe it’s something completely new and its design or function is so intriguing that consumers will have to have it when they see it.
The job of the marketer is to describe the product and its attributes and introduce it to the consumer.
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Identifying the product is key to its distribution. Marketers need to understand the lifecycle of a product and company managers need to have a plan for dealing with products at every stage of its lifecycle.
The type of product also partly determines how much it will cost, where it should be placed and how it should be promoted.
Many of the most successful products came first in their category. For example, Apple was the first company to create a touchscreen smartphone that could play music, surf the web, and make phone calls. Apple reported that total iPhone sales for fiscal year 2022 were $205.4 billion. Reached the milestone of 2 billion iPhones sold in 2021.
Price is the amount consumers are willing to pay for a product. Marketers must relate price to the actual and perceived value of the product, taking into account procurement costs, seasonal discounts, competitors’ prices, and retail profit margins.
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In some cases, business decision makers may raise the price of a product to give it a luxury or exclusive look. Or they can lower the price for more consumers to try.
Marketers also need to determine when and if the discount is available. A discount may attract more customers, but it can also give the impression that the product is less desirable than before.
Headquartered in Japan, UNIQLO is a global casual wear manufacturer. Like its competitors Gap and Zara, UNIQLO creates low-priced, fashion-forward clothing for young buyers.
What makes UNIQLO unique is the innovative and high quality of its products. It achieves this by purchasing large quantities of fabric, constantly searching for the highest quality and lowest cost materials in the world. The company also negotiates directly with its manufacturers and has strategic partnerships with innovative Japanese manufacturers.
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UNIQLO also outsources its production to partner factories. This gives him the flexibility to change production partners as his needs change.
Finally, the company employs a team of skilled textile artisans that it sends to partner factories around the world for quality control. Production managers visit factories once a week to resolve quality issues.
Location is a consideration of where the product will be found (in real-life stores and online) and how it will be displayed.
The decision is crucial: Manufacturers of a luxury cosmetic product want to showcase it at Sephora and Neiman Marcus, not at Walmart or Family Dollar. The goal of company managers is always to put their products in front of the consumers who are most likely to buy them.
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The term placement also refers to advertising the product in the right media to attract the attention of target consumers.
It was the 17th installment in the James Bond film franchise and the first movie to not include an Aston Martin car. Instead, Bond actor Pierce Brosnan rode a BMW Z3. While the Z3 wasn’t released months after the movie’s release, BMW received 9,000 orders for the car in the month after the movie’s release.
The purpose of the promotion is to communicate to consumers that they need this product and that it is priced appropriately. It covers promotion, advertising, public relations, and overall media strategy for promoting a product.
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Marketers tend to link promotion and placement items to reach their core audience. For example, in the digital age, the “location” and “promotion” factors are online as well as offline. Specifically, where a product appears on a company’s webpage or social media, and what type of search functionality will trigger targeted ads for the product.
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Swedish vodka brand Absolut sold just 10,000 cases of its vodka in 1980. By 2000, the company had sold 4.5 million cases, thanks in part to its iconic advertising campaign. Images from the campaign featured the brand’s signature bottle with a series of surreal images: a bottle with a halo, a stone bottle or a tree-shaped bottle standing on a ski slope. The Absolut campaign is, to date, one of the longest running continuous campaigns of all time, from 1981 to 2005.
The Four Ps provide a framework on which to build your marketing strategy. Consider every factor. And when the factors overlap, don’t worry. This is inevitable.
First, analyze the product you are going to market. What are the features that make it attractive? Consider similar products already on the market. Your product may be more robust, easier to use, more attractive or longer lasting. Its ingredients can be environmentally friendly or of natural origin. Identify the attributes that will make it attractive to your target consumers.
Consider the affordable price for the product. It’s not just production cost plus profit margin. You may be positioning it as a premium or luxury item or a simple, lower-priced alternative.
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Placement involves identifying the type of online and offline store that stocks products like yours for consumers like you.
The promotion can only be evaluated in the context of your target consumer. The product may appeal to a younger crowd, luxury professionals or bargain hunters. Your media strategy needs to reach the right audience with the right message.
Product, price, promotion and place make up the four P’s of the marketing mix. These are the key factors involved in promoting a product or service to the public.
Focusing on the four P’s (product, price, place, and promotion) has been a core tenet of marketing since the 1950s. Three new Ps expand the marketing mix for the 21st century.
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The 4P model can be used when planning a new product launch, evaluating an existing product, or trying to optimize the sale of an existing product.
A careful analysis of these four factors (product, price, location, and promotion) helps a marketing professional develop a strategy that successfully promotes or reintroduces a product to the public.
The four Ps of marketing (product, price, place, promotion) are often referred to as the marketing mix. These are key elements involved in planning and marketing a product or service, and they interact significantly with each other. Considering all these elements is one way to approach a holistic marketing strategy.
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