The 4P marketing is not the latest marketing strategy but they are the components that will help give your online marketing campaign a successful boost without spending money on advertising. The 4P marketing is a popular marketing strategy involved in the marketing of a good or service. In this article, we will take a look at 4P marketing; what is it and how does it work?
What is a Marketing Strategy?
A marketing strategy is a business marketing plan for reaching prospective consumers and turning them into customers of products or services. There are many marketing strategies that you can use to promote your products or services. In this article, we present to you a popular and the most well-recognized marketing strategy: the 4 Ps of marketing
The 4P or the marketing mix is comprehensive marketing used for planning, analyzing, and marketing to reach a target audience and turn them into customers. Online businesses take various approaches to each of the 4Ps. Each element can work independently, but they often are dependent on one another. The combination of 4Ps is as follows;
Planning your marketing strategies with the 4Ps helps you define a clear and realistic marketing direction for your online business.
The first P of marketing is Product. The product is what the company sells to customers. Consider how your product solves customer needs and exceeds expectations. The first step toward creating customer experiences is understanding and knowing what customers need. This can help you introduce your products to customers easier.
The product includes the whole range of products a company offers to customers. It includes the factors that help promote products to meet demand such as:
The second P of marketing is Price. Providing a reasonable price-product relation is one of the most important aspects of marketing strategy. Setting prices according to the customer's perceived value of the goods or services to gain high sales and profit.
Here is a product pricing strategy guide: the three main types of product pricing strategies;
The third P of marketing is Place or channel to distribute products. For online businesses, social media platform is the place where you display your products and provide easy access to your products. Today, many merchants choose between selling on a marketplace and creating their own website including social media platforms, and e-commerce platforms such as Facebook, Viber, Shopee, or Lazada. Some of the factors to consider when you select a channel of distribution are:
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The fourth P of marketing is Promotion. Some people are easily influenced by the word “promotion” and may end up buying on impulse. Promotion in a marketing strategy is not only about buy one get one free, discounts, or giveaways, but also about marketing promotion, such as advertisement, sale announcements in forums, consignment sales on the social media platforms, etc.
These are online marketing strategies that you can apply to your product or service. 4P marketing helps you to define your marketing options so that your offering meets customer needs or demands.
It is possible that the marketing strategy may not work well the first time, but it can be revised or adjusted on an ongoing basis based on data that shows which strategy has an impact.