The 4 Ps of Marketing: What You Need to Know (With Examples)

The 4 Ps of marketing — you’ve probably heard about them from a friend, a textbook, or even at school.

I know it sounds like a boring topic that’s common sense, but there is more to it than meets the eye.

And no, it’s not just for large companies. The smaller you are, the more important for you it is to leverage the 4 Ps of marketing.

So before we dive into it, let’s first break down what they are…

What Are The 4 Ps of Marketing?

The 4 Ps of marketing is a marketing is a concept that summarizes the four basic pillars of any marketing strategy.

The four Ps of marketing are:

Product: What you sell. Could be a physical good, services, consulting, etc.
Price: How much do you charge and how does that impact how your customers view your brand?
Place: Where do you promote your product or service? Where do your ideal customers go to find information about your industry?
Promotion: How do your customers find out about you? What strategies do you use, and are they effective?

It sounds simple and it really is. The harder part is implementing the 4ps of marketing, which we will get into in the next sections.

The theory behind the 4 Ps of marketing is that covering all 4 Ps will result in higher sales. But, sadly nothing is quite that easy.

The origin of the concept, also known as marketing mix, goes back to 1960 when McCarthy introduced it in his book Basic Marketing: A Managerial Approach.

I know that’s ages ago, but the 4 Ps/marketing mix concept is just as valid today.

Let’s dive into the concepts and look at 4 Ps of marketing examples to understand how you can apply this to your own company.

The First P of Marketing: Product

The product is what the company sells.

It might be a product like a soft drink in the beverage industry or dresses in a clothing store. Or these days it may even be software like Ubersuggest.

It could also be services, such as consulting or a paid speaking gig or even a therapy session.

In short, the product is everything that is made available to the consumer.

In the 4 Ps strategy, this means understanding what your offer needs in order to stand apart from competitors and win over customers.

In other words, what makes your product so great or unique? Because if you don’t stand out it’s going to be hard to thrive.

For example, you may know about my product Ubersuggest, but you probably know about a handful of my competitors.

So what’s the big thing that makes my product stand out from everyone else?

I don’t focus on features, I don’t have 100s of reports. Instead, I focus on usability. My goal is to make Ubersuggest really easy to use, especially if you are new …read more

Source:: Kiss Metrics Blog