A Detailed Explanation of the 4P’s of Marketing (Product, Place, Promotion, and Price) and Their Importance in Business
The importance of getting the 4p’s of marketing right before going to marketing with your business, products, and services.
Why Do any Marketing?
The simple answer would be,
Ask these Companies and Retailers going out of Business-
They could have used some Marketing to stay in business.
I was at a Networking event, of course over Zoom, and the Host asked me:
*** What do you Do? I said:
I am a Marketing Consultant or more like your Full Marketing Department
We are covered in Marketing, he said-
Do you do Podcast? I said No.
Do you build Websites? I said No.
Do you do Videos? I said No.
Well, these are our Marketing teams/members.
I said: No,
they simply do Promotion and I do All the rest of Marketing.
WOW, that was tough. This was a business owner, I was having a hard time explaining the idea of Marketing, actually I should say the Concept of Marketing.
I felt like I was back in class teaching my students- I really wanted to ask him
What do you know about the 4P’s of Marketing???
You know: Your Product/Service, Your Place (Distribution), Your Promotion and most importantly Your Price
Can your website, podcast, video providers figure that out for you.
The answer is: No.
Can I? the answer is YES. Why? Because we introduced U.S. Companies in Foreign Markets where No one knew they existed, heard of their Brand or their Product lines. Also, we did the same thing for Foreign Companies who wanted to enter the U.S. Market, with same challenges of being completely a newcomer to the Marketplace. In both situations, I was given a catalog and had to do the rest, you know the 4P’s.
Marketing in a Pandemic?
Yes, another Zoom, however, this one was for a specific Professional group that provides an essential service (Of Course). A person/visitor in the Group introduced themselves and asked if that specific group needed help in Marketing their services, you know to get more business.
The answer was a sarcastic “Marketing in a Pandemic!”, I was tempted to ask, Isn’t that the reason for which you are here Networking- over Zoom- talking to a computer? I don’t think it would have been well received.
This sounds funny to an extent, but it is devastating for these businesses saving money by cutting their Marketing budget. Simply, Food for Thought.
What is your preference: Saving Money or Losing Clients/Customers???
So What is Marketing? Before answering the question, I would like to share with you that according to Statistics:
– 50% of Businesses (Small, Medium & Large)
Do Not have a Marketing Plan at All.
– From the 50% that have a Marketing Plan,
Only 25% (of the 50%) actually implement that Marketing Plan.
That brings us down to 12.5% of the 100% that actually use the Marketing Plan they create and put together.
Upper Management, or the Owners of Small Businesses, Create their Strategy, which basically defines the Type of Business, what we refer to as Who They Are, The Services/Products they will sell, and The Consumer or Niche they will target.
Who is going to do All That, they turn to their Marketing V.P.
and ask them to figure out the Implementation.
The Marketing VP, Director, Manager— job is to put together a Marketing Plan Detailing the 4P’s as below:
1- Product, Service:
Features, Benefits, Warranties
Manufacturing Cost/Process, Service offerings
I am often asked if I help Companies that provide Services, and the answer is YES.
When it comes to Service, We (You and Me) are the Actual Product with “Features and Benefits” that is delivering the Service to our Clientele.
The Service is Intangible and the challenge for Us, Service Providers, is to transform that Service into a Tangible entity. Yes, We Do That as Well.
This is the Most Important part of the Process
the Marketing Team needs to put together:
Actual Product and Actual Service
The Simple Reason for above is: Poor Product/Service leads to No Sales,
No Revenues, No Profits, No Business.
Channel of distribution used
Sales techniques and incentives
Service and Support
3- Promotion Strategy
Multi-Faceted Approach incorporating:
Print, TV, Radio, Online, Digital, Social Media,
Coupons, Discounts and so on.
Fixed & Variable Costs
Desired image in the market
Positioning and Profit.
It is important to note that All the above relating to the 4P’s Have to be Done Before going to Market, Before having a Website, Before Digital Marketing & Social Media.
In case you have Already Launched your Product/Service, the alternative would be to have us Re-Evaluate the 4P’s of Marketing, Make Adjustments where Needed, Offer a New Strategy & Revise Pricing especially for Next Generation of Products/Services.
The 4P’s is a Painting, a Piece of Art you need to create and yet the Challenge lays in Assembling the pieces together in your Factory or Office.
We rely on science and data in planning, however, the Art part is really connected to your Passion, Drive and Commitment in Delivering the Product & Service.
The “Art” part makes it Tangible and Successful.
Most Common Reasons why New Products Fail-
Numerous studies out there to select from, however, I opted the most common reasons:
Poor “configuration” of features and benefits
Weak Team and Internal Capabilities
Failure to pinpoint and understand consumer needs and demand
Over-optimism about the marketing plan led to an unrealistic forecast
Wrong Positioning in the Market
Targeting the wrong market
Today, in our current environment:
Rethink your Marketing,
Rethink your Positioning,
Rethink your Pricing Model.
Invest in Marketing & your Business.
Entrepreneurs are Innovative, Creative and will Take advantage of Opportunities in front of them today and every day.
One Simple question, What is Your Strategy?
What Steps are Needed?
We help our clients who are Small Businesses, Solve their problems
and Grow their Business.
We Understand Your Needs and Share Your Dreams.
Contact us at: firstname.lastname@example.org