4Ps of Marketing?
The 4Ps represent the 4 important groupings that can be surmised in the marketing mix.
There are many iterations of the marketing mix but E. Jerome McCarthy’s 4Ps are considered to be the best interpretation.
McCarthy grouped the following 4 categories to help marketing teams identify key points in their marketing strategy and guarantee a successful campaign.
The 4Ps
The 4Ps Place - The distribution strategy of the product.
Where will consumers buy your product or service? Retail stores, Trade shows, Events?
Product - Where does your product fit in the market?
How long is its lifecycle?
Is there a wide enough target audience?
Promotion -
How will potential customers hear about your products?
What advertising methods will you use?
Price -
The pricing strategy.
What is the perceived value of your product?
Will your target audience pay this money?
Will this be profitable enough?
Could supply & demand cope?
Extended 7Ps...
People - What values shall I promote among employees?
What uniform will be worn?
Where can employees help promote the business?
Process -
How can I improve the customers experience?
How can I reduce wastage and overheads?
Physical Evidence -
How does the environment affect a customers experience?
What brand image can I portrey with the customers immediate surroundings?
How to use the 4Ps of Marketing As laid out in previous slides, the 4Ps are about questioning your business processes to better market your business.
Using the 4Ps as a base for self reflection keeps a business focused on what’s important for a marketing strategy to succeed.
By understanding the 4Ps, you can uncover more about your business and the landscape its in.
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