For most companies, it’s difficult to conceptualize just what are the 4 Ps of marketing. Marketing at its most basic level consists of four elements – the product or service itself, the advertising or promotional efforts undertaken by the company or organization, the customer or potential customer and the distribution channels available to the public. Let’s break this down into its most critical parts. The first component, of course, is the product or service. Without a strong product or service to sell, all other aspects of the marketing mix will be worthless.
The next component is the marketing strategy. This refers to the overall strategy adopted by the company to promote their offerings. In today’s modern world, there are numerous ways to promote products and services. With all of these options comes a wide range of approaches and tactics. This is just another way to define marketing in terms of being a proactive rather than reactive form of sales and business development.
The third component is the actual marketing itself. This refers to the ways in which the product or service is being offered and presented to the intended audience. This could also include the way in which the product or service is advertised through print, electronic media, and other types of communications. While some forms of marketing are more directly impactful than others, all marketing must ultimately have the goal of gaining a target audience. It’s important that a company employ an effective and powerful marketing strategy in order to achieve this goal. This will include an effective mix of traditional and digital channels.
The fourth component of what are the 4Ps of marketing is the customer. Simply put, the customer refers to the purchaser of the product or service. What are the 4Ps of marketing therefore, would be focused on the way in which the company displays the product or service to the customer. Whether the company uses direct mail, television commercials, radio advertisements, word of mouth, or any other type of communication, the ultimate goal of the marketing itself is to obtain new and repeat clients and customers.
Finally, there is the process itself of implementing the marketing approach in place. This involves creating effective marketing campaigns, monitoring results, analyzing the results, and continually tweaking and fine-tuning the methods in place. This can sometimes be a lengthy process, but it is important that a company stays disciplined and dedicated to delivering effective results. When a business owner cannot be emotionally attached to their product or service, or when they are unable to successfully implement an effective marketing campaign, their business will fail.
There are many ways to improve what are the 4Ps of marketing. The first step however, is recognizing that a marketing strategy is nothing more than a tool or weapon in a business’s arsenal. It is important that you understand that a marketing strategy does not build customer loyalty or customer retention, but rather it is more of a tool that helps to increase your visibility and awareness in the marketplace. This will then drive greater sales and profits.