What are the 4 P of marketing and how to use them?

Time goes by and everything evolves in the different fields of life and this includes commerce. Adapting to the new patterns of the trading industry is key to not being left behind in terms of strategies.

Despite this, there are certain fundamentals that have not become obsolete and are necessary to achieve a good advertising campaign. It is a basic principle developed for the decade of the 60s and that today continues to be a commercial pillar, I refer to the 4 P’s of Marketing.

Through this simple post, I want to explain in brief the definition of the 4 P’s of Marketing and how they positively influence the sales techniques.

What are the 4 “P’s” of marketing?

The 4 “P’s” are listed simply because this letter begins the four pillars of marketing. These 4 pillars are:

  • Price
  • Product
  • Promotion
  • Placement

Each of these fundamentals of the 4 P’s of Marketing interconnect in one way or another, to become a solid and forceful foundation. Each one individually has its logical function and at the same time, they nurture each other to achieve the stated objectives.

Every day the market evolves, technology opens new doors to the consumer and people change according to these new circumstances, but regardless of whether we can include other elements, these first four will always be the most elementary of the process.

For the reasons stated above, it is necessary to define and illustrate each of these four fundamentals.

Product

This first element of the 4 P’s of Marketing constitutes any benefit we can offer to the consuming public, which completely satisfies their needs and desires. Despite being “Products”, services are also included, i.e. whatever we are going to market whether it is tangible or not.

As far as the company is concerned, when the development of the “Product” begins, it must guarantee the widest coverage of the commercial demand. To achieve this, careful scrutiny of the life cycle

Having foreseen the time it will take for the growth, maturation and sales decline of the launched product, will allow the company to anticipate the reinvention, with the purpose of reinfusing life to the product in a declining state.

Price

As simple as: how much the customer will have to pay in order to benefit from the advertised product. Setting the purchase price should not be done lightly or by instinct.

On the contrary, there are a number of factors involved. For example, in agromarketing as in more traditional marketing, you have to evaluate the kind of product, competitor reach, brand fame, etc.

There are those who find this a little difficult to accept, but the reality is that an unknown company is unlikely to succeed by selling at a high price, even if its product is worth it.

This is where a delicate balance of valuation comes into play that not everyone knows how to handle. A new company that sells its products at very low cost will give off the idea of being of low quality and low category. On the other hand, if it is very expensive, to the incredulous eye of the customer, it will conclude that the cost is outweighed by the possible benefit received.

Normally for these cases, it is usually supported by pricing strategies such as:

  • Discounts
  • Fees
  • Promotions
  • Credits
  • Combo

Promotion

In this section of the 4 P’s of Marketing, every action to be taken must be taken into consideration in order to connect with the largest commercial audience and inform them of what we offer and why they need it.

To be successful in this regard, it is necessary to communicate the superiority of what we offer compared to the competition. In addition, it is the ideal time to boost your brand and start gaining the much-deserved recognition you crave.

Regular avenues that are commonly used for this purpose are:

  • Paid communication methods: TV promotion, radio campaign, visual media printing (billboards, banners), portal ads, etc.
  • Free communication methods:Exhibitions, fairs, mass events, sponsorships, releases, seminars, etc.
  • External communication methods: This method is applied by the satisfied consumer customer, who by means of surveys expresses satisfaction with the benefits granted. Also included are the social networks or comment sections.

Placement

The placement or distribution of the product is of great relevance, since, although you can have an excellent product of unsurpassable projection, in the sight of an incorrect public, it will be condemned to failure. On the other hand, the product must be always available to the potential consumer, otherwise, he will end up choosing other options and you will be forgotten.

The level of understanding about the target audience must be penetrating, as it plays a determining role in the final acquisition. When you have well defined the most qualified channels for the distribution and positioning of your product, you will be able to attract definitive customers without any problems.

Strategies for effective distribution include intensive, selective, exclusive and prerogative distribution.

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