{"id":6325,"date":"2019-10-10T10:28:19","date_gmt":"2019-10-10T02:28:19","guid":{"rendered":"https:\/\/www.i-connectweb.com\/?p=6325"},"modified":"2020-04-14T19:13:53","modified_gmt":"2020-04-14T11:13:53","slug":"understanding-the-marketing-mix-concept-4ps","status":"publish","type":"post","link":"https:\/\/www.i-connectweb.com\/blog\/understanding-the-marketing-mix-concept-4ps","title":{"rendered":"Understanding the Marketing Mix Concept &#8211; 4Ps"},"content":{"rendered":"<div class=\"wpb-content-wrapper\">[vc_row][vc_column][vc_single_image image=&#8221;6326&#8243; img_size=&#8221;full&#8221; alignment=&#8221;center&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<span style=\"font-weight: 400;\">The Marketing Mix 4P\u2019s 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.<\/span><\/p>\n<p>&nbsp;<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.i-connectweb.com\/blog\/understanding-the-marketing-mix-concept-4ps\/#1Product\" title=\"1.Product\">1.Product<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.i-connectweb.com\/blog\/understanding-the-marketing-mix-concept-4ps\/#2Place\" title=\"2.Place\">2.Place<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.i-connectweb.com\/blog\/understanding-the-marketing-mix-concept-4ps\/#3_Price\" title=\"3. Price\">3. Price<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.i-connectweb.com\/blog\/understanding-the-marketing-mix-concept-4ps\/#4_Promotion\" title=\"4. Promotion\">4. Promotion<\/a><\/li><\/ul><\/nav><\/div>\n<h5 style=\"color: #ffc20e;\"><span class=\"ez-toc-section\" id=\"1Product\"><\/span><strong>1.Product<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p><span style=\"font-weight: 400;\">Consider the product(s) or service(s) before launching it.<\/span><\/p>\n<p><strong>Consumer<\/strong><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Who are the target audience\/ target market?<\/span><\/li>\n<li><span style=\"font-weight: 400;\">What do consumers get from this product(s) or service(s)?<\/span><\/li>\n<li><span style=\"font-weight: 400;\">What characteristics does this product have to meet the needs of consumers?<\/span><\/li>\n<li><span style=\"font-weight: 400;\">When, where or how will consumers use them?<\/span><\/li>\n<\/ul>\n<p><strong>Product<\/strong><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">What is the product\u2019s name?<\/span><\/li>\n<li><span style=\"font-weight: 400;\">How does the product look like? \/ How is the service like?<\/span><\/li>\n<li><span style=\"font-weight: 400;\">What should the size and colour be?<\/span><\/li>\n<li><span style=\"font-weight: 400;\">What is the difference between your competitors?<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h5 style=\"color: #ffc20e;\"><span class=\"ez-toc-section\" id=\"2Place\"><\/span><strong>2.Place<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Consider the questions below.<\/span><\/p>\n<p><strong>Consumer<\/strong><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Where do consumers find your products\/ services?<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Where will most consumers appear?<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Is there a physical store\/outlet? If yes, what kind of premises? (Boutique\/ Supermarket\/ Wholesale)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Which platform is suitable for online business?<\/span><\/li>\n<li><span style=\"font-weight: 400;\">The mode of payment consumers prefer.<\/span><\/li>\n<\/ul>\n<p><strong>Product<\/strong><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">How do competitors deliver their products\/ services?<\/span><\/li>\n<li><span style=\"font-weight: 400;\">What can I learn from the competitor\u2019s model and how is it different from mine.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h5 style=\"color: #ffc20e;\"><span class=\"ez-toc-section\" id=\"3_Price\"><\/span><strong>3. Price<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p><span style=\"font-weight: 400;\">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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ask yourself the following questions:<\/span><\/p>\n<p><strong>Consumer<\/strong><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Which income level of consumers will purchase my product(s)\/ service(s)?<\/span><\/li>\n<li><span style=\"font-weight: 400;\">What is the value of this product\/ service to consumers?<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Are your (potential) customers sensitive to price?<\/span><\/li>\n<li><span style=\"font-weight: 400;\">What is the acceptable range for consumers in the market?<\/span><\/li>\n<\/ul>\n<p><strong>Product<\/strong><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">What are my cost rates?<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Can a discount allow me to divide a bigger market?<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Am I able to increase my price slightly? Would my customers accept it?<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h5 style=\"color: #ffc20e;\"><span class=\"ez-toc-section\" id=\"4_Promotion\"><\/span><strong>4. Promotion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p><span style=\"font-weight: 400;\">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:<\/span><\/p>\n<p><strong>Consumer<\/strong><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">When and where is the best timing to communicate brand messages to the target market?<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Which is the best way to reach the target group? (Television, radio, billboard advertising, e-mail or internet)\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">This promotion discount is seasonal or time-limited?<\/span><\/li>\n<\/ul>\n<p><strong>Product<\/strong><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Which is the best method to promote?<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Is my product\u2019s life cycle long or short?<\/span><\/li>\n<li><span style=\"font-weight: 400;\">How do you intend to use this promotion for everyone to know my brand?<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Do your competitors have promotions?<\/span><\/li>\n<li><span style=\"font-weight: 400;\">What impact does this have on your promotion decisions?<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">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\u2019s products and services are the key to winning the field.<\/span>[\/vc_column_text][\/vc_column][\/vc_row]\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_single_image image=&#8221;6326&#8243; img_size=&#8221;full&#8221; alignment=&#8221;center&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]The Marketing Mix 4P\u2019s 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&hellip;<\/p>\n","protected":false},"author":1,"featured_media":6326,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[78,81],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Understanding the Marketing Mix Concept - 4Ps - I Connect Web Solution<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.i-connectweb.com\/blog\/understanding-the-marketing-mix-concept-4ps\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Understanding the Marketing Mix Concept - 4Ps - I Connect Web Solution\" \/>\n<meta property=\"og:description\" content=\"[vc_row][vc_column][vc_single_image image=&#8221;6326&#8243; img_size=&#8221;full&#8221; alignment=&#8221;center&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]The Marketing Mix 4P\u2019s are product, price, place and promotion. 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img_size=&#8221;full&#8221; alignment=&#8221;center&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]The Marketing Mix 4P\u2019s 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. 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