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4 Ps of marketing: The right product, at the right price, at the right time

4 Ps of marketing: The right product, at the right price, at the right time

The 4 Ps of marketing is a phenomenon that rarely happens. Now I explain why.

During my career in the world of digital marketing, and in my conversations with major players in the market, I managed to realize that everything changes very quickly. A strategy that worked wonderfully in January, months later, is worth absolutely nothing.

For example, the way of communicating on social networks changes almost daily. But, the 4 Ps of marketing – also known as the marketing mix or marketing compound – is one of those timeless strategies. One of the few that managed to survive over the years.

Such a concept was created by Professor Jerome McCarthy in his book ” Basic Marketing,” released in 1960. The theory gained even more traction with the Pope of Marketing, Phillip Kotler, who helped spread the method. More than 50 years have passed. And I tell you, my good friend, for something to remain after five decades in the field of marketing, and be used successfully until today, it is because it was tested several times on the battlefield.

And he subsisted!

The 4 Ps of marketing will be the foundation of your strategy. Because it is a basic concept, many entrepreneurs tend to ignore it. The trend is that you do it too. But make no mistake when I say “basic”, which does not equate to unimportant knowledge. Rather, it lies at the bottom, at the spine, at the soul of marketing.

If I could give my son one piece of advice, should he decide to go the entrepreneurial path, it would be to do and redo the basics. The people I know who made the most money from digital marketing would go through the basics over and over again whenever there was an opportunity.

Nobody has the power to claim that every marketing strategy works if the 4 Ps are used. Although what is true is that the chances of success increase – and a lot – if you use its fundamentals.

It is the 4 Ps that make your brand remain firm in the market, sure of going through any crisis. I want to make it clear that in this article, you are not only going to understand what the 4 Ps of marketing are. There is much more to see!

I never liked memorizing, I do not think that the simple fact of recording them in memory will help you have better results in your business. But I will explain how to use each point to your advantage and how that simple strategy can return incredible profits.

I’ll also alert you to the risks to consider when strategizing. An error in the analysis of any of these points can cause damage, as well as a negative response from your consumer. At the end of this text, you will be ready to apply the strategy that so many relegate.

If you do not read it in one go, save it in your favorites and consult it whenever you want.

First of all: what is marketing?

First of all: what is marketing?

Before leaving for the 4 Ps, it is necessary to understand the general concept of marketing so as to avoid any confusion between the two. Marketing is a set of actions, the objective of which is to generate visibility. These actions result in benefits for companies and brands, as well as for their respective products and services.

A representation of marketing is the presence of a brand in the mind of the consumer. So when the need to buy arises, the brand immediately comes to mind. Obviously, all this is reflected in the sales, but not only in them.

Marketing is also related to the reputation of a company, its credibility in the market and the authority should be good like capital smart city .

What are the 4 Ps of marketing?

What are the 4 Ps of marketing? Clearer, impossible: The 4 Ps stand for Price, Product, Promotion and Place. As I mentioned before, the 4 Ps are also called Marketing Mix or Marketing Compound.

The concept was created by Professor Jerome McCarthy in his work “Basic Marketing”, released in 1960. The theory had greater relevance in the following years, with Philip Kotler. When the four concepts achieve balance, your company tends to grow and win over the public.

There is a phrase that became famous when defining the 4 Ps: “Marketing is placing the right product, at the right price, at the right time.”

I imagine you must be thinking the same as me. Well, the phrase is clear, but putting it into practice is not as simple as it sounds. Balancing these four variables requires a lot of study and effort when applying it. But when it is achieved, it is much more feasible to achieve the established goals and objectives.

P for Product

Product P

This is about finding the right product. It is the one that meets the needs of your customers. To devise this product it is advisable to carry out surveys that identify the needs of consumers, and with the result, evaluate if your product will solve the pains and objections identified.

A recommendation is to do a well-planned benchmarketing and spy on the neighbor’s garden (competitors) to know the successes and mistakes they face with their products. Once that analysis is done, you can improve your product in terms of variety, design, packaging, quality.

You can even offer it in different sizes, because with these changes, you will conquer a better position in the market. It is essential to understand the problems that the product aims to solve. Also, the benefits offered with all its details.

The unique selling proposition of the product should be studied, as well as identifying and analyzing potential buyers.

The MindTools team put together a list of questions that can help you find or improve your product.

  • What is the customer looking for in the product? What needs does it satisfy?
  • What resources do you have to meet those needs?
  • How and where is the customer going to use it?
  • How does it differ from your competitors?

P for Price

P for Price

The second of the 4 Ps of marketing is price. To define it clearly: it is how much a customer is willing to pay for a product. The most visible side of the price you set is in the profit margin and customer demand. But it exerts equal influence on the entire marketing strategy.

Think with me. The price is directly linked to how much the consumer thinks your product costs. If a product has a higher or lower price than what your consumer perceives, surely there will not be good sales.

For example, let’s imagine that you go to the supermarket and find a 500 gram chocolate bar that costs $ 30. You never heard of that chocolate, the wrapper is kind of dubious, no friend recommended it to you. And to top it all, you searched for the brand on Facebook, without finding anything. Chocolate can be really amazing. But the customer perceived value was very low.

Do you understand how the price goes beyond your profit margin? This has a direct influence on the way you communicate with the customer. In some cases, the company enters a kind of game, using the price to change the identity of the product.

That is, it increases it so that it appears to be luxury, or it reduces it so that it represents a popular image and more consumers can buy it. Sometimes this price change does not transform an entire brand, as exemplified by Havaianas (a Brazilian brand of slippers), which I will tell you about later.

Questions that can help you define the price:

  • Is the price a very sensitive issue in the market in which you move? In other words, will a small decrease in a price increase your participation?
  • What is the discount practice offered by your competitors in this market?
  • How is your price in relation to the competition?

P for Plaza

P for Plaza

The square refers to the access of consumers to your product. To make decisions about the right place, you need to understand where customers and potential customers usually buy it.

Distribution is also an important factor to be considered. You can decide to offer your products in nearby stores to reduce transport costs, or consult shipping logistics. Of the 4 Ps of marketing, this is one of the most counter-intuitive. Because, make no mistake in thinking that the best strategy for your marketing is for the consumer to find your product in any market.

Many brands limit coverage to activate the mental scarcity trigger. This is how they control the price and obtain a higher profit margin.

In other words, before defining the place, do an analysis of your personality to better position your brand.

Questions that can help you find a better place:

  • Where do consumers look for your product or service?
  • Looking in a speciality store, or in a more general place, like a supermarket?
  • Is the consumer more inclined to e-commerce?
  • In which places are your competitors located?

P for Promotion

P for Promotion

By following the steps above, you managed to come up with a product that solves your audience’s problems. You defined a price that corresponds to the quality and the income of the public that you want to reach. In addition to everything, you established the way in which the customer will locate your product.

It is the moment of promotion. Remember that it has nothing to do with the discounts you will give. This is not that kind of promotion.

But how you are going to promote, to publicize your product. It is even important to know the difference between promotion and marketing. Promotion is one more element that must be worked on throughout the process.

You have to look for the best strategies to promote your products. Raise awareness among clients and potential clients. Mainly make them fall in love with your brand.

We present you various ways to impact your audience. Outbound Marketing, E-mail Marketing, Remarketing, Social Networks and Press Consulting, are some examples. In this article, you will be aware of other powerful Marketing Strategies to improve your business.

Here’s an important tip when it comes time to promote your product: trust a “big idea.” In other words, a phenomenal idea that translates the benefits of your product. That way, you can focus on what the customer really cares about. You will not waste energy on benefits considered secondary, according to the consumer’s priority scale. To understand what your customer wants, do satisfaction surveys.

It is the right tool for you to discover what people think of your company. So that you know their opinion about your product and customer service. Remember that, regardless of the means of promoting your promotion, the other Ps of marketing have to be kept in balance.

Questions that can help you find the best way to promote your promotion:

  • Where is your audience? Is it easier to communicate with him on the mobile? On the radio? On TV? Or sending emails?
  • At what times/occasions of the year are there the best possibilities to promote your product?
  • Is there a bullish period in your market?
  • Is there an environmental, religious, cultural or health issue that prevents the promotion of your product at a certain time of year or to a specific group of people?
  • And of course, always aware of the competition: How do others do their promotions?

The importance of marketing Ps

The importance of marketing Ps

The 4 Ps of marketing is together from the beginning of your strategy. This is one of the first steps you can take when creating your Marketing Plan. The decisions you make here will affect all of your planning, branding, and audience segmentation.

The 4 Ps are related to each other. Understanding this relationship is essential, as there will surely be changes in your market, no matter what they are. And mind you, changing the price can completely modify your promotion, your place and your product.

I am going to list some aspects that place the 4 Ps of marketing in an essential place in the process of your strategy:

1) Clarity in your Marketing Plan

When the 4 Ps are compatible with each other, the marketing strategy is naturally clearer and more objective. An adequate price for a product that solves the pain of your audience, in an accessible place, will be decisive for the success of your promotion.

One is linked to the other. And when they find the balance, your strategy flows. And when you think about varying some of the 4Ps of marketing (the price, for example), you must observe the rest of the points so that stability is maintained.

2) Help in the product development process

When using the 4 Ps of marketing to develop your current product strategy, it is very common for ideas to appear to create other products.

It is normal, because you will have an overview of the Marketing Plan, which will allow you to detect blind spots that your current product does not cover. This new product will have, in turn, a new planning and 4 different Ps.

3) A map to improve your business

The 4 Ps of marketing point out the strengths and weaknesses of your company.

Many times, when the entrepreneur analyzes them, he verifies that the square is not balanced with the other three factors, to give you an example.

4) Difference in relation to competitors

It is important not only to trace your 4 Ps of marketing but also those of your competitors. By doing so, you will know their strengths, weaknesses and blinds, allowing you to conquer territory more easily.

In addition, they contribute so that your company acts in different fields that your competitors do not handle. On the other hand, if you move in the same spaces, the 4 Ps of marketing are favorable for conducting yourself differently and obtaining a competitive advantage in the market.

5) More dynamic company

A well-prepared company is ready to reap the fruits of a good job, but it is also ready to face the setbacks that eventually arise.

In the current global economic context, it is necessary for your company to be prepared to respond to any type of scenario. When you understand all the variables that can affect the 4 Ps of marketing, you will be better prepared.

Example of the 4Ps of marketing: the case of the Brazilian company Havaianas

This is one of the most representative cases in Brazil regarding the repositioning of the brand and the use of the 4 Ps. I’m going to quickly describe what Havaianas were like in the 80’s.

Product: There were two colour options, blue and white – black and white. To customize, some people turned the part of the sole so that the bottom color was facing up.

Price: popular prices. To give you an idea, in that decade, Havaianas were part of the articles distributed in the basic basket of Brazilians (I mean it).

Plaza: popular retail stores. So much so that, for a long time, the use of   Havaianas was associated with people who worked on construction sites. It was an article that many people used precisely to get their feet dirty in their daily tasks.

Promotion: on popular television channels and magazines. The slogan was “does not deform, does not produce a bad smell, does not fall apart.”

In other words, very practical and functional. The one with the propaganda was Chico Anísio, one of the most popular comedians of the time, who generally went to the classes with lower purchasing power.

So the brand started promoting a shift across all 4 Ps to become a global object of desire. Pay attention:

Products: changed the entire line. He created various models, varied the patterns. Currently there are even sneakers (sports shoes) and mobile cases from Havaianas.

In this way, more value is generated, people increase their interest in having one or more pairs of Havaianas.

Today, there are sandals even with diamonds that exceed R $ 1000. Very different from the time of the basic basket.

Plaza: they created their own stores and expanded to other countries. It became a luxury item for foreigners. Even at the Oscar Awards ceremony, there was an artist who went through the red carpet wearing the famous Havaianas.

The result was an incredible promotion and a slogan that made history: ” Havaianas, everyone wears.”

Start capturing leads with Klickpages today

Although the digital marketing strategy is usually complex, which requires a greater effort to create, analyze and measure results, it brings together all the components to be more effective.

Ultimately, in the online environment, you have powerful tools at your fingertips to achieve your goals. Using them you can reach the target audience, identify the language you should adopt, converse with the audience, strengthen the relationship and lead it towards the sale.

That’s the purpose. With the instruments at your disposal, everything is solved more easily. If you still don’t use your site or blog to capture leads, you are probably missing a good chance.

Do not miss the opportunity to obtain a more direct type of contact with the public, through articles or presentations of promotions.

How to do it?

You can send them an invitation to subscribe to a newsletter, receive news by email, download an e-book, or enroll in a free course. Whatever the proposed action, you have to be careful on the landing page, as it increases the possibility of confirming the desired conversions.

For this,  Klickpages is the ideal tool. Get the juice out of it!

Observe the three basic steps to create your page, using Klickpages:

  1. Choose your model: know the high conversion alternatives proven by tests.
  2. Customize the page: edit the texts, colours and images, as well as hide the elements that are not useful.
  3. Publish: finally, you only need to publish your own domain, without additional hosting costs.

Conclusion:

In digital marketing, it all comes down to not wanting to reinvent the wheel. The 4 Ps of marketing is a strategy that has survived the tough marketing battlefield for more than half a century. It is still valid and applicable to many businesses.

Remember that deep down, it’s about solving consumer problems. It is what matters most. Adapt the 4 Ps to identify, analyze and solve the pain of your audience. It is important to make it clear that each of these 4 Ps alters the behaviour of the other.

It is useless to change the square, without analyzing the reaction of the price, the product and the promotion. By following this procedure, your brand will conquer many fans and followers. When that time comes, you will have to generate leads to continue strengthening your relationships with the public and convert future sales.

Don’t forget that Klickpages represents an important pillar of your marketing strategy. We have the tool with the most powerful landing pages to convert your leads.

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