What are 4Ps? What impact can 4P analysis have on enterprises? I will explain it to you in detail next, let’s find out!
(1) What are 4Ps? Check out the origin and definition of the 4Ps of marketing!
What are 4Ps?4P marketing strategy (Marketing 4P) was develop by mond. Jerome. A theory propos by mund Jerome McCarthy in 1960.
The 4Ps in English and their respective meanings are: Product, Price, Place, and Promotion .
By analyzing these four basic structures in marketing, whether it is making products, setting prices, finding channels, or finding publicity methods, companies can successfully formulate goals and strategies and use them flexibly.
(2) How to apply 4P? Let me know when to use it!
The 4P Marketing Mix is widely us. Whether it is a large company that has been on the market for a long time or a small company that start its own business, it can be analyz and appli in the following situations.
Optimize your own products and business models.
A new product, service or new business model is about to be launch. Check whether the current marketing strategy is sound.
Strengthen target market stickiness.
Increase sales.
(3) What are the new 4Ps of marketing? What is the difference between the old 4P and the new 4P?
According to the changes of the times, the consumption patterns of the public are also constantly changing, and the old 4P strategy is no longer sufficient to cope with the current consumer market. Therefore, in the era of big data, Kimberly Collins extend the new 4P marketing theory bas on the old 4P , and modifi it from Profit to Priction by the author of “Big Data for Marketing”.
The 4Ps of new marketing are: People, Performance, Process, and Priction
People:
Different from the traditional age and gender classification method, the NES model is us to divide consumers into N (new customers), E0 (main customers), S1 (sleepy customers), and S2 (half-asleep customers) bas on their shopping behavior. ), and S3 (sleeping customers) five classification methods were analyz.
Performance:
Bas on tracking data such as customer conversion rate, activity, and new customer growth, evaluate the “profit” brought by the results, and adjust new marketing strategies bas on data or corporate KPIs.
Process:
After the previous analysis and effectiveness evaluation, various ways to solve the problem are design and implement through practical steps to optimize and improve.
Priction:
Leverage the power of data tools
To observe and prict consumers’ next moves, plan out follow-up responses in advance, and ruce losses caus by strategy failure.
The biggest difference between the old 4P product strategy and the new 4P is the shift from the “product” itself to the new marketing strategy combination bas on “people”.alt: The difference between the old 4Ps of marketing and the new 4Ps
How to use 4P marketing strategy? See the detail explanation here!
How to use 4P Marketing strategy? In the previous paragraph, we discuss the origin of 4P theory and the timing of its use. After having a general understanding, this paragraph will explain the individual definitions of 4P in detail and propose two levels of thinking to make it easier for everyone to apply 4P marketing.
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Apply the theory to the situation of your own company
(1) 4P-Product (product)
Product in 4P is “What to sell?” It is a product/service develop by an enterprise bas on market demand, and different marketing strategies are design according to the product cycle. In the product part, we can think lebanon phone number data resource individually from the consumer and product levels:
Think at the consumer levelHow will consumers use my product?
Think at the product level
What experience does my product/service provide?
What is the difference between my product and competing products?
(2) 4P-Price (price)
Price in 4P is “How much does it cost?”. Things that ne to be consider include profit, supply and demand, market aero leads positioning, etc. This also includes whether customers are willing to pay, which requires a more comprehensive consideration bas on the brand’s own situation. . We can think individually from the consumer and product levels:
Think at the consumer level
At what economic level does my consumer group fall?
How do consumers perceive the value of my product?
What is the acceptable selling price range for my target market?
Think at the product level
What are my costs?
Can I get more customers through discounts or lower prices?
Can my consumer group pay for the slightly increas price, allowing me to make better profits?
How does the selling price of my product compare to that of my competitors?
(3) 4P-Place (pathway)
Place (Passage) in 4P is “Where to sell?” It is the channel through which the product actually reaches consumers. In addition to considering its own cost, it is also necessary to choose the most convenient and fastest way for consumers to obtain it. Regardless of the sales location or delivery method, it must appear in front of consumers who are really willing to buy it before it is possible to be purchas. To this end, we can first think individually from the consumer and product levels:
Think at the consumer level
Where will consumers purchase my products/services?
Where do my consumer groups tend to look for products and consume? (Supermarkets, online stores, physical stores, boutiques…etc.)
What payment and pickup methods are consumers accustom to?
Think at the product level
Which channels do competitors mostly choose to sell their products/services?
Is the exposure method through sales personnel or exhibitions suitable for my products/services?
Which delivery channel can facilitate consumers to receive my products/services quickly?
(4) 4P-Promotion (promotion)
Promotion in 4P is “How to sell?” It is a way to promote and market products/services, whether it is discount promotions, online digital marketing , offline advertising or public relations activities, you can use this part. Get exposure to the company’s products/services. We can think individually from the consumer and product levels:
Think at the consumer level
Where do my consumer groups tend to receive information? (Place advertising, Email , Internet, advertising billboards, TV…etc.)
Is there an optimal time for my target market to receive marketing messages?
Are there seasonal restrictions on my discount promotion?
Think at the product level
What is the life cycle of my product?
How are my competitors executing their promotions? What time point?
What impact will my promotional methods have on the brand in the future?
Further reading:
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