Marketing 4P or otherwise marketing mix is a way of determining marketing strategy and product portfolio.
What are the 4Ps in Marketing?
The 4P marketing mix consists of four basic components:
- product
- price,
- distribution (pay),
- promotion.
By combining these strategic areas, the brand tries to sell its products and acquire customers. Every single P is connected to the others and they complement each other.
4P is not 4C
The company’s marketing strategy is a combination of these four components. It is based on the needs of the target group and the position of the brand on the market. Unlike the 4Cs, this method of strategy focuses on the manufacturer and not the customers. The following video simply explains the functioning of the 4P using the example of the McDonald’s brand.
Product
The first component of the 4Ps is the product itself that you are selling. It doesn’t matter if it’s a physical product, digital or service. From the point of view of the product, quality, packaging, overall design, execution and the benefits it brings are important.
The price
Pricing strategy depends on several factors such as production costs, market prices, competition and product quality. The price category includes not only the pricing of the product or service, but also discounts, time to pay the invoice, free shipping or working with customer expectations.
Distribution
The third component of the 4P marketing mix is the distribution of goods or services. Companies decide, for example, whether they will sell the product only through their e-shop or whether they will also introduce it to online marketplaces or retail chains. This includes, for example , inventory management, warehouse location, return shipping , and the like.
Promotion
Advertising represents all methods of communication through which a brand informs customers about its offer or activities. It includes classic and online advertising, PR and marketing communication budget.
