4Ps of Marketing Mix

                                                                4Ps of Marketing Mix

A marketing mix is a tool used to help global and local brands understand the market sentiment and the exact requirements of the consumer. In short, marketing mix is a technique to win the trust of the customer and positively manipulate them to buy your product, offering them the best deal. The 4ps become very crucial when it comes to the marketing of the product, and the 4ps are product, price, place, and promotion. 

The digital revolution has given the marketing industry exponential growth. The 21st century is about how a brand markets its product and builds an emotional connection with potential customers. 

Let's dive deep into the concept of the four Ps to understand them in a better way. 

1. Product 

A product is simply the goods or services you are offering to the customers, which tends to satisfy the consumer’s needs. As a brand, one should have a clear concept of what their product is and what makes their product different from the competitor. Your product should be so compelling from the marketing perspective that customers are forced to believe that they need to have it. As a marketer, you need to understand the people's sentiment, and with your marketing tactics, you should make sure that you connect with your customers on an emotional level before they tend to buy your product. 

Some crucial questions that you need to answer as a marketer:

1. What is the need of the customer? Is your product satisfying that need? 

2. Are every required feature well equipped that the customer needs for the usage? Are there any features you missed out on? 

3. What does the product look like? How well will the user experience? 

4. What is it to be called? How is it branded? 

5. How and where will the customer fit your product in their life? 6. How is your product different from that of your competitors? 

2. Price 

Pricing the product is an art. If you understand the art, then easily you can thump your competitors. The price of the product is the cost that customer pays for using the product. While pricing the product, the marketer must ensure that the price is neither too high nor too low. The price should be linked with the product’s real and perceived value, supply cost, discounts, and competitors’ prices. Pricing includes the product cost and the CAC ( Customer Acquisition Cost). All these are the key points in the revenue model of the brand. A price too high or too low can impact the brand's value and push it into a well of loss and failure. This is why this ‘P’ is one of the most crucial among the 4 Ps. 

Some crucial questions you need to answer as a marketer : 

1. What will be the value of the product or service to the customer? 

2. How well does your price compete with the competitor’s price? 3. Are you sure that your price is neither too high nor too low?

4. Will the product’s final price bring you profit even after numerous discounts? 

3. Place 

After pricing, the place is one of the most important factors for the sale of any product. The goal of the business executives should be launching the product at a place where the majority of the people are willing to buy the product. Digital marketing has reduced the effort for finding your targeted audience, and now you can easily target people depending upon their age group, gender, location, etc. 

At offline stores or shops, it becomes important to keep your product at the right place to grab the audience's attention and increase the product’s sales. 

Some crucial questions you need to answer as a marketer : 

1. What are the shopping areas of the targeted customers?

2. Are they shopping online or offline? If online, then whether they are using smartphones or desktops? 

3. How are your competitors acquiring the customers? What are their methods of targeting the audience? 

4. Where are your customers engaging more on social media?

4. Promotion 

Promotion refers to marketing communication. In short, it is a way of communicating and making your audience aware of your product. There are numerous channels you can use to promote your product, such as advertising, public relations, affiliate marketing, direct marketing, influencer marketing, email marketing, or sales promotions. 

After the digital revolution, promotions have seen tremendous growth, and it has also become one of the crucial parts in increasing the sale of a product. The B2C marketing solutions have opened numerous ways for marketers to market their products, and they have also made the process of marketing smooth and efficient. 

Some crucial questions that you need to answer as a marketer: 

1. When and where should you pop the marketing message across your targeted audience? 

2. Where and how will you target your audience? 

3. When is the best time to promote your product?

4. How do your competitors promote their products? How do they influence the customer? What different tactics can you use for marketing your product better than your competitors?