The Marketing Mix 4P’s are product, price, place and promotion. It is a marketing strategy structure that a company sets in order to develop products or find a target market. Marketing Mix 4P theory has been around for a long time, hence using these marketing strategies to highlight brand value and product characteristics is a great method.
1.Product
Consider the product(s) or service(s) before launching it.
Consumer
- Who are the target audience/ target market?
- What do consumers get from this product(s) or service(s)?
- What characteristics does this product have to meet the needs of consumers?
- When, where or how will consumers use them?
Product
- What is the product’s name?
- How does the product look like? / How is the service like?
- What should the size and colour be?
- What is the difference between your competitors?
2.Place
Location, delivery, or any form of shipping to deliver the product(s) or service(s) to a consumer. This may involve elements such as office location, shipment location, and availability to shop online. By choosing the right location and presenting the product(s) visibly to shoppers, you may turn potential buyers into your customers.
Consider the questions below.
Consumer
- Where do consumers find your products/ services?
- Where will most consumers appear?
- Is there a physical store/outlet? If yes, what kind of premises? (Boutique/ Supermarket/ Wholesale)
- Which platform is suitable for online business?
- The mode of payment consumers prefer.
Product
- How do competitors deliver their products/ services?
- What can I learn from the competitor’s model and how is it different from mine.
3. Price
Pricing decision can begin once the product and place of sales are finalized. Pricing will determine profit, supply, demand, and marketing positioning. It is important to take note that pricing should be based on the value and characteristics of the product. If the price is set too high or too low, it is possible to lose potential customers.
Ask yourself the following questions:
Consumer
- Which income level of consumers will purchase my product(s)/ service(s)?
- What is the value of this product/ service to consumers?
- Are your (potential) customers sensitive to price?
- What is the acceptable range for consumers in the market?
Product
- What are my cost rates?
- Can a discount allow me to divide a bigger market?
- Am I able to increase my price slightly? Would my customers accept it?
4. Promotion
There are many promotions in the market. How do we enable consumers to know, understand, like and purchase our product(s) or service(s)? This step will affect the future products and brand awareness. Ask yourself the following questions:
Consumer
- When and where is the best timing to communicate brand messages to the target market?
- Which is the best way to reach the target group? (Television, radio, billboard advertising, e-mail or internet)
- This promotion discount is seasonal or time-limited?
Product
- Which is the best method to promote?
- Is my product’s life cycle long or short?
- How do you intend to use this promotion for everyone to know my brand?
- Do your competitors have promotions?
- What impact does this have on your promotion decisions?
Finally, marketing mix 4P is a basic and practical marketing combination, but as time is moving rapidly, marketing strategies have extended from 4P to 7P or even 4C. In order to maximize the benefits and seeing results, constant optimization, advancing marketing strategies and customer’s products and services are the key to winning the field.