ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

The Four P's of Marketing Simplified for Beginners

Updated on August 24, 2011

Ever heard of any famous marketing concepts, especially ones that apply to situations of various industries? Let's get into more details with the Four P's of marketing.

First off, it would always be nice to introduce the origin of this concept:

The Four P's of marketing are the main elements of the "marketing mix", it was formulated by Neil Borden in 1953.

It has gotten the attention of a world-wide audience.

Why is this mix so popular? You tell me!

The Four 'P's

  • Product

  • Price

  • Place

  • Promotion

Needless to say, you already know the meaning of the words, don't you? But for the sake of it, let me do a description of each:

- Product

A product is the protagonist behind all markets, it could be in physical form or digital form. Without the product, there isn't anything, or you could call it the base, without the base everything else is useless.

1. Brand Awareness

The popularity of your name or your company's name. You might need to do some extra promotion to reach out for a bigger audience, most importantly, to let others know you exist.

2. Quality

The content is king saying is exactly the same as product is king, you know the drill. Make sure you offer value in your content, not some random gibberish.

3. Warranty

Without giving much thought into the refunding policy, you're basically saying, if my product doesn't work for you, bad luck, I won't give you your money back. This is a major mistake.

4. Packaging

Look at Apple, packaging represents impression and brand image, it's like an introduction to a post, one of the most important aspects of a product.

5. Help and Support

This is like the best friend of the warranty factor, if you don't open up a free support section, you're going to lose plenty of smart decision-making customers.

- Price

The price is simply the cost of your product. You will have to plan the cost carefully and make it reasonable, along with your competition.

1. Strategy

Ever heard of the "less is more" concept? Whether you have, or not, it is always wise to study different marketing strategies and test them out individually. An example being prestige pricing.

2. Volume discounts

Did you know that most manufacturers offer a discount for purchasing things in bulk? Why? Simply because it's a good and promising deal! Rest assured, you might be able to apply this concept to your goods! (Not for digital products though)

3. Early payment discounts

Notice all product launching campaigns consist of a pre-launch stage? Or you could call it a teaser, make sure you provide a discount for people who order your products early.

4. Reason

Define the reason why your price is worth it, look at your competition, if you are far better than them, then feel safe to raise you price higher or else go with the flow and set your price in areasonable range.

5. Environment

Study your audience, your customers, are they the target of your price? Do you think they will buy your goods at this price? Research, track with demographics and conversion rates.

- Place (Distribution)

Which is where your product can be bought, it's about getting your product to the customer, for example: your house? On E-Junkie? On Amazon? Also referred as distribution channel.

1. Channels

This is probably the most important aspect of placing. Try to sell your product world-wide to allow a bigger audience, partner up with well-known sellers and shops both online and offline to maximize your sales.

2. Transportation

How are you going to deliver your product to your customer? How exactly is the good going to reach the buyer? Online users don't really have to give much thought into this, since online services are reliable in sending digital information.

3. Teamwork

Ignore this if you work on your own, but if you have a team, then it might require some extra power of words of motivation in order to get everyone working at their best.

4. Monitoring

Monitoring is basically the same idea as security on the internet, if you use a trustworthy well-known service for this section say: PayPal or E-junkie, don't worry about this.

5. Inventory

How many products have you currently got in stock? Since most online businesses sell digital products, it isn't an issue as digital goods can be copied and pasted with ease. Whereas, physical items may be worth having a couple made before orders are received depending on your industry.

- Promotion

Last but not least, our favorite bit, it's about increasing the chance of your customer's desire to buy something from you.

1. Strategy

There are plenty of marketing tactics in promotion. For speed and efficiency, don't hesitate to give paid advertising a shot to reach out for a wider audience.

2. Social Proof

Most of the elements in effective promotion tactics fall under this key, the more social proof there is, the more trust it creates between you and your customer, therefore more likely to purchase your product. It’s a must that you display testimonials! Other forms include: TV, news, Twitter followers, press releases or word of mouth.

3. Publicity

This has something got to do with the awareness of "you" in the public, say you’ve got Steve Jobs to sponsor your recently launched product, there's no doubt you would receive a huge purchasing spree right away.

4. Advertising

This remains to be the most used method for most companies, such as KFC and McDonald's. The point in advertising isn't solely for convincing people to buy your goods but to increase brand awareness, the old saying: "be everywhere"!

5. Incentives

You could host a giveaway or a loyalty program where members have to earn an amount of points before being able to redeem prizes. This increases loyalty and recurring interaction.

The Marketing Mix Factors

  • Product

Brand Awareness, Quality, Warranty, Packaging and Help and Support.

  • Price

Strategy, Volume Discounts, Early Payment Discounts, Reason and Environment.

  • Place

Channels, Transportation, Teamwork, Monitoring and Inventory.

  • Promotion

Strategy, Social Proof, Publicity, Advertising and Incentives.

Want Pricing Strategies?

Did you know that you could utilize psychology to increase your sales up to a whopping 45%? Here are three most underrated pricing strategies that work magic.

If you are indeed a business owner who sets prices...

Did you know that pricing is the biggest mistake most companies and business owners make?

In fact, you guys are leaving fat cash on the table years after years, thousands if not, millions of potential profits untouched.

Comments

Submit a Comment

No comments yet.

working

This website uses cookies

As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

Show Details
Necessary
HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
LoginThis is necessary to sign in to the HubPages Service.
Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
AkismetThis is used to detect comment spam. (Privacy Policy)
HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
Features
Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
MavenThis supports the Maven widget and search functionality. (Privacy Policy)
Marketing
Google AdSenseThis is an ad network. (Privacy Policy)
Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
Index ExchangeThis is an ad network. (Privacy Policy)
SovrnThis is an ad network. (Privacy Policy)
Facebook AdsThis is an ad network. (Privacy Policy)
Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
AppNexusThis is an ad network. (Privacy Policy)
OpenxThis is an ad network. (Privacy Policy)
Rubicon ProjectThis is an ad network. (Privacy Policy)
TripleLiftThis is an ad network. (Privacy Policy)
Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
Statistics
Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)