We use the “4P’s of marketing” concept to define one of the best known and applied strategies in this area, which consists in analyzing the 4 fundamental elements: the product, the price, the point of sale and the promotion.
Although some may seem more important than the others, all are totally necessary. If one stands out and does not show coherence with respect to the others, the strategy does not work.
What and what are the 4P’s of marketing?
The 4 P’s are the basic and essential formula to program a good marketing strategy . It can be said that these four elements are the core of this technique, and would be formed by the following terms:
- Product
- Price
- Point of sale
- Promotion
What are 4P’s used for?
To ensure that a product is successful, it is necessary that these four pillars follow a coherence between them and with respect to the audience to which it is addressed.
The company must define them by doing a previous market study that will provide the necessary information to understand the situation, the need to satisfy and how to achieve that goal.
A solution that is very helpful to establish the 4P is to ask a series of questions for each of them, for example:
- The product:The tip of the iceberg of this whole strategy, the currency.
- What need must be met?
- What characteristics will distinguish you from the competition? What will make you unique?
- What will it look like? What mistakes have the predecessors suffered that we can solve?
- The price:The value that both seller and buyer perceive that the product or service in question has. According to the expectations of each one, it will seem expensive or cheap.
- What strategy will be followed? Become known first by offering a low price? Or try to recover the capital invested at the beginning?
- Who is the product aimed at? To an audience with a low, medium, high income?
- How will the product be delivered? Will improved versions or extensions be offered for sale at a higher price? Will discounts be offered?
- The point of sale:The place where you can obtain the product or service, either offline or online.
- Will the product be sold to the final consumer or will the intermediaries be responsible for distributing it?
- What is our audience? Will the product be sold locally or globally?
- What image and values do you want to transmit? Is it a good option to place the product in a place of routine purchase or opt for something more select and specific?
- The promotion:Moment in which the product or service is presented to the public in order to persuade it.
- What idea do you want to convey?
- What channels is our target audience on?
- How can we surprise them?
