Marketing 4P is a classic strategy many businesses apply to achieve business goals. From determining the exact products to provide, and setting appropriate prices to building convenient distribution channels for customers and optimizing communication and promotion strategies. What is the 4P marketing model? What is the 4P marketing construction process? Please follow Optimal Agency‘s article below to understand better.
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What are the 4Ps in Marketing?
The Marketing Mix model was developed by marketing expert E. Jerome McCarthy in 1960. The model is composed of 4 elements including Product, Price, Place, and Promotion. (advertisement, promotion).
Marketing 4Ps are used by businesses to market a product or service and achieve marketing goals. Based on this model, businesses can build appropriate marketing strategies to meet customer needs and increase sales.
The 4P marketing strategy is applied by many businesses in launching new products. Over time, the 4P marketing mix model has been upgraded to 7P. To better understand this marketing strategy, let’s learn about each variable:
Product
It is a core element of every marketing strategy when it is something a business creates to meet or solve the needs of a specific target group. Products can exist in tangible form as goods or intangible form as services.
If businesses want to provide suitable products, they need to clearly understand the target market and sketch out a portrait of the customers they approach. In addition, when determining products, businesses need to pay attention to characteristics, features, quality, product design and brand, and other factors related to the product. Thereby creating value for customers and gaining a competitive advantage in the market.
Price
In the 4p marketing construction process, the Price is the price of the product or service. It is the amount of money that customers need to pay to use a product or service. Price is an important factor in the marketing mix because it affects sales volume, competitiveness, revenue, and profit of the business.
Product pricing is not simple and it is determined based on product cost, competitors’ selling prices, customer value, etc. Customer needs can only be converted. into purchases if they have the need and the ability to pay. Product pricing is an important part of a business’s marketing and sales activities.
Place
A distribution channel is also one of the important variables of 4P marketing. It is the location where customers can buy products, including direct distribution channels and indirect distribution channels. Businesses need to identify appropriate distribution channels and contact points to reach target customers most effectively. To find the right access channel, businesses need to understand their target market.
Promotion
The final element in 4P marketing is advertising and product promotion activities to target customers. This letter P in the marketing strategy directly affects the revenue of the business. To make a purchasing decision, customers must know the company’s products and have certain trust in the product and brand.
Therefore, the goal of this advertising activity is to increase brand recognition and promote sales. The promotion strategy will include tools such as public relations, advertising, direct marketing, personal selling,…
Why should you build a 4P strategy in marketing?
The 4P model helps businesses shape and implement effective marketing strategies. Each P variable plays an important role in a business’s marketing strategy to help enhance competitive advantage, build a brand, and promote sales. By building a 4P marketing process, businesses will receive the following benefits:
Improve business efficiency
The 4P strategy helps businesses identify the right target customers. From there, businesses can offer products, and prices, and choose appropriate distribution channels and advertising activities to attract this audience.
When products are designed to suit customer needs, priced reasonably, and distributed properly, as well as effective advertising, sales will increase. If businesses know how to optimize costs, they will maximize business profits.
Increase brand recognition
When the product meets the needs and desires of customers and reflects the brand’s values, it will make customers satisfied and build trust in the brand. Reasonable product prices make customers satisfied when they buy quality products at a good price.
Convenient distribution channels make it easier for customers to buy. With a reasonable promotion strategy, businesses can build brand and product awareness in the minds of customers, helping to increase loyalty and attract new customers.
Promote the creation of new products
Based on the 4P strategy, businesses can better understand customer needs and market trends. From there, research and create new products to meet all customer needs. Proactively developing new products helps businesses improve their competitive position in the market and attract a large number of customers.
Brand developing
Businesses can create a comprehensive process based on the 4P marketing strategy to develop products and promote brands. When there is a systematic process and specific orientation, businesses can build brands effectively, and enhance reputation and brand value towards sustainable development in the future.
Build customer loyalty
Through creating quality products, appropriate pricing, and effective distribution as well as having creative advertising strategies. The 4P strategy helps improve customer experience and also helps businesses build customer loyalty to the brand. Communication, promotion, and customer care activities will attract new customers and retain old customers.
4p marketing construction process detailed
To implement an effective marketing mix strategy with 4Ps, businesses can refer to the following steps:
Step 1: Determine the product’s USP
The first step when building 4P marketing is that businesses need to determine the difference (Unique Selling Point – USP) of their products and services. USP must bring clear benefits to customers and be highly convincing. An effective USP will help the product stand out and attract target customers. This is the difference that helps businesses gain a competitive advantage and stand out from their competitors. By researching the market, businesses can identify product characteristics or features that customers love.
Step 2: Understand customers
This is an important step in the process of building a business’s 4P marketing strategy. It includes analyzing customer information, listening, and understanding them. Through that, businesses can understand the needs, characteristics, and behaviors of current customers. From there, businesses can plan appropriate strategies to reach customers.
When applying the 4P marketing model, understanding customers will help businesses identify products and features that suit customer needs. At the same time, set a reasonable price or create content and messages that attract the target audience.
Step 3: Research competitors
In addition to understanding customers, businesses also need to research and analyze competitors when building a 4P marketing strategy. When obtaining information about competitors, businesses can evaluate their strengths and weaknesses to come up with appropriate marketing strategies to attract customers and increase conversion rates. By analyzing products, services, prices, distribution strategies, etc., businesses have an overview of the market and competitors to come up with a pricing strategy suitable for customers.
Step 4: Evaluate distribution channels and purchasing locations
In this step, businesses need to evaluate options for the most effective channels and locations to reach customers or where customers make the most purchases. When choosing distribution channels, businesses need to consider channels that target customers use a lot. You can reach customers through popular social media channels such as Facebook, Instagram, Tiktok, YouTube,…
Besides, you should build a professional website and SEO to improve the effectiveness of reaching customers. If the product or service only serves a specific audience group, you should focus on a certain channel or geographical area. This helps businesses focus their resources and marketing efforts on the right target audience.
Step 5: Develop a communication and promotion strategy
Once you have identified a suitable target audience and a reasonable price, businesses need to deploy a strategy to promote their products to customers. At this time, businesses need to determine the messages they want to convey to customers. To effectively attract customers, businesses should focus on conveying product features and benefits to customers to help them solve problems and increase conversion rates.
Step 6: Combine the elements of the 4Ps and do a comprehensive check
In the final step, businesses need to consider how all the elements of 4P marketing have been identified and planned. If you want to have an effective marketing campaign, you need to combine all 4 elements of the marketing mix. At the same time, regularly monitor, measure, and evaluate the combination of the 4Ps regularly to make appropriate adjustments to help the marketing strategy achieve the best results.
Building a 4P marketing process is essential that every business needs to implement to build brand awareness and boost sales. Hopefully, the information we have shared above has helped you learn many useful things and build an effective marketing strategy. Please visit our website regularly to update more related articles such as how to build a b2b marketing strategy.
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Frequently asked questions
For the 4 P marketing mix model, the variables all have different importance and influence on the business’s marketing strategy. However, according to marketing experts, the product is the fundamental factor that plays a decisive role in the success of the marketing strategy to attract customers. Because the product is the first element that customers come into contact with and it creates value for customers that makes them willing to pay. Therefore, businesses need to focus on developing high-quality products that meet customer needs and create brand value.
If the 4P marketing model focuses on product, price, distribution channels, and trade promotion. The 7P marketing model adds 3 elements of people, processes, and facilities and emphasizes customer experience and process management. The difference between the 4P and 7P marketing models is not only about the number of factors but also regarding their approach and importance in the marketing strategy. Depending on the type of business, marketing goals, and resources, businesses can choose the appropriate marketing model.
