4 Ps of Marketing
Updated: Jul 18, 2022
What are the 4 Ps of Marketing
First off, what does "4 Ps of Marketing stand for"? 4 Pillars of Marketing
The 4 Ps of marketing refers to the four things that a business has to optimize in order to market efficiently.
The 4 Ps:
Why do the 4 Ps of Marketing Matter?
I will breakdown each pillar in order to explain their importance.
If any business is going to be successful they have to sell products that either set them apart, are high quality, inexpensive, or fulfill an unmet need.
Pricing a product properly is crucial to any busines's success. Pricing your product to high when the quality is low will result in lack of sales. Price it to low and you may not turn a profit.
Place refers to where you sell your product. In the digital age this can be a struggle for many businesses since there are often many places to market good and services online. Whether physical or digital choosing the right place to sell products is important to a business's success.
How are people going to know about your business and decide to choose you over your competitors? That is what promoting is all about. Are you going to pay for adds? Offer discounts? Post Flyers? Social Media? There are many ways to get your name out there these days and the trick is to try many and use the ones that actually work for your business model.
How to Optimize the 4 Ps of Marketing in 2020
Optimizing the first two of the 4 Ps of marketing, product and place employ the same principles they always have. Deliver a good product or service and a price that gets you notice but also generates revenue.
The other two Ps, place and promotion have greatly change, not just since the invention of the internet but also in 2020.
Place: 2020 has been a year of living mostly indoors so many businesses have turned to online platforms, such as Door Dash and Amazon to deliver their goods and services.
The key to choosing online platforms to use in order to optimize your business lies with your customers. What online platforms and websites do your customers use to find your type of product or service? If you are restaurant that might be Uber Eats, if you sell handmade clothing that might be Etsy.
Do some research and determine which platforms your customers use and then try using them for your business. The great thing about the internet is that you can use many platforms for low to no cost. Even Zoom.
Promotion: Promoting products can be a full time job. There are so many places to promote your business outside of paid ads. Below is a list of some of the most common and effective ways to promote your business online.
1. Website SEO
4.Google and Facebook Ads
I highly advise watching youtube videos about how to use each one of these platforms to see which one may work best for your business.