Hello, What does 4P mean in marketing? This marketing mix is one such tool. Which is used by marketing professionals? And this is often important when determining someone’s product or brand offering, and is also referred to as the 4P (product, price, promotion, and location) of marketing. However, in terms of services, 4P’s extend to 7P or 8P.
In recent times, a new concept has been introduced, ie the 4C concept, giving more importance to customers. This 4C’s concept is more customer-driven with the replacement of 4P’s. Which according to Lauterborn are 4C – and consumer, communication, cost, and convenience?
According to Shimizu, 4C’s -C commodity, cost, communication, and channel marketing mix are mainly of two types. Which is below.
1. Service Marketing Mix: The Service marketing mix consists of three more variables which are people, physical evidence, and process.
2. Product marketing mix: It includes the product, price, place, and promotion and is mainly used in the case of tangible goods.
Related Article: 12 Functions of Marketing: Simple Product Your Business Grow
Table of Contents
What are the 4 types of marketing strategies?
Now we will throw full light on those four types of marketing mix. Which our article claims, however. Let us repeat it well. And though we try to execute in a business.
Many times the question arises between us and you, what is the product called, so this product is such an item? Which are built or manufactured to meet the needs of a certain group of people? The product can be a tangible good or intangible service.
It is defined as such a thing. Which can be offered in a market to satisfy one. This includes not only physical goods and services but also ancillary services such as packaging, installation, after-sales services, etc. But we have to understand on what basis this thing can be classified. So we have shown some of the following points below.
Tangible goods: They have a physical form and can be touched and seen.
Intangible goods: Intangible goods refers to services provided to individual consumers or organizational buyers
Durable Goods: Durable accessories are products that are used for a long period, ie for months or years together, such as mobile handsets, pressure cookers, etc.
Non-durable goods: Non-durable goods are products that are commonly used at one time or for certain uses.
Consumer Goods: They are for personal consumption by households or end consumers such as soap, biscuits, or books.
Industrial goods: They are used in the production of other products for consumption or use or provide some service for nuts and bolts, machinery, etc.
One must also have the right type of product, which is market demand. Therefore during the product development phase, a marketer should do extensive research on the life cycle of that product. Which they are producing. Every product has a life cycle.
Which includes the growth phase, a maturity phase, and the sales decline phase. Which is important for marketers. That after reaching the stage of declining sales, continuously strengthen their products to increase demand. Therefore, marketers have to make the right product mix. Let us go to the next step. Get more information about it…
Considering the price of other products in the market, the biggest challenge is to keep the price of your product. And we need to understand the market’s demographic before placing the price of the product, which is basically the price of the product.
Which the customer pays to consume. This value is a very important component of the definition of the marketing mix. Which is important in determining the profit and survival of the organization. And price changes affect product demand and sales. Pricing in this way helps in shaping the perception of a product in the eyes of the consumer.
This is because lower prices are associated with inferior goods. While very high prices can give them the value of their money on the product. Therefore, it becomes important to check the pricing of the competitor while fixing the prices. (As we told you above). A new company that has not yet made a name for itself is unlikely to have a target market.
Who is willing to pay a higher price? They may be able to charge a one-time higher price of the product. Which is acceptable in the markets., And when determining the price of a product, marketers must consider the price that the product provides. The following are her major pricing strategies. Which we can definitely repeat.
Product line: These are a set of strategies that multi-product firms usually adopt.
Geographic pricing: It attempts to exploit economies of scale by pricing the product below competitors in one market and adopting a penetration strategy in another.
Differential pricing: It involves a firm to differentiate its price in different market segments.
Market skimming pricing: refers to the most commonly used strategy and the firm desire to skim the market by selling at a premium price.
Market penetration pricing: The objective of the entry price strategy is to gain a foothold in a highly competitive market. The firm lowers its product prices compared to others to seek an initial breakup point and to make the most profit in a short period of time, or to seek profits from a niche.
EgSunfeast Biscuits from ITC uses various pricing policies. Some products are premium products. While other products are regular. It is therefore decided to keep this pricing policy variable as well as competitive. Discounts and other sales promotion schemes on high-priced items like Sunfeast dark fantasy bring prices down. Cost-plus pricing is used for products such as sunfeast glucose and various other biscuits.
Related Article: Best 9 Steps for the Properly New Product Launch in Market.
We also offer publicity to promote our product. Which creates a big identity or brand in your product market. And represents the different methods of communication used by marketers to inform the target audience about this promotional product.
As such it is an essential component of marketing. Because it can boost brand recognition and sales. The following promotions include various elements. Which is a means to promote the product? Get more information about it…
- Public Relations
- Sales Promotion
- Personal Selling
Informal communication is the term by satisfied customers and ordinary people about the benefits of the product. Word of mouth can also be broadcast on the Internet. When used effectively we have the potential to be one of the most valuable assets in increasing online profits. A very good example of this is online social media and managing a firm’s online social media presence.
Public relations, on the other hand, are communications that are not usually paid for. This includes press releases, exhibitions, sponsorship deals, seminars, conferences, and events.
Personal selling is the direct display of a product to consumers or potential buyers. It refers to the use of salespersons to persuade buyers to act favorably and purchase a product.
Advertising typically involves communication methods that pay for television advertisements, radio advertisements, print media, and Internet advertisements. In contemporary times, there seems to be a shift in focus from offline to the online world. Get more information about it…
Sales promotion includes the equipment used to promote sales in a given area and time. They are short term in nature and aim to encourage quick sales. The purpose of advertising is to create awareness and also provide justification for purchasing the product; Sales promotion motivates him/her to buy products. These include discount coupons, price offs, prizes, lucky draws, free trials, etc.
Highlight the short section; Let me tell you that in the year 2003, ITC ventured into the manufacturing of biscuits. And introduced the ‘Sunfeast’ range, which previously worked with biscuits. And subsequently also associated with other foods. But to make this brand a household name, it has started exciting and innovative campaigns.
Which reflects the different qualities of their products such as taste and special taste. And to promote their category of food products, famous actors and sports celebrities were signed on. Such as Sachin Tendulkar, Cricket Icon, Shah Rukh Khan, Superstar, Sanyamirza, Tennis Star have all been brand ambassadors at one time or another. Television, magazines, newspapers have proved to be effective and effective.
Which was an effective medium for advertisements as they are able to spread awareness among people of all age groups? The spread ‘Smile’ slogan has become the essence of the brand. Attractive and colorful advertisements have helped the company to capture the largest share of the market.
Demographic and geographic location has to be understood before launching your product. Which refers to the location or distribution of products to customers at convenient and accessible locations. And we have to deliver and deliver the product in a position that is accessible to potential buyers.
And it comes with complete information about the target market. Understanding this from the inside out will help in the search for the most efficient position and will also increase the market share. And reaching the market can happen through distribution structure and logistics.
Or distribution structure refers to channel design and structure, and management of channels, whereas logistics refers to the physical aspect of distribution. Distribution can be done through channel members. And they will include manufacturers, distributors, wholesalers/dealers, and retailers. For example, increasing the length of the distribution channel increases the distance between the customer and the manufacturer.
Organizations can appoint distribution options based on their products. The way given below includes the following. Let us shed some light on this.
Selective distribution: This is the middle path approach to distribution as the firm selects some outlets to distribute its products thereby enabling the manufacturer to gain optimum market coverage and more control. Maggi employs intensive distribution.
Its channel partners include distributors, retailers, and consumers. Nestle follows a twofold path for distribution. In the first, the product is available toevery local store and the second where the stock is made available in every mall and shopping centre.
Exclusive distribution: The firm decides to distribute through one or two major outlets, for example of designer wear or high priced automobiles.
Intensive distribution: It involves making the product available at all possible outlets, an example of soft drinks that are available through multiple outlets to ensure easy availability to the customer.
We hope you liked this article. And this article will also strengthen your education. If you liked our article, then you must give us your suggestions by commenting in the comment box below. If you want to succeed in your business, then subscribe to this website. And share this article with your friends and relatives. And follow our social media. Thank you. Your success is our mission.