8/13/2019 4 Ps Defining

1/4

8/13/2019 4 Ps Defining

2/4

The 4Ps are:

Product (or Service)

Place

Price

Promotion

A good way to understand the 4 Ps is by the questions that you need to ask to define youmarketing mix. Here are some questions that will help you understand and define each of the fourelements:

Product/Service What does the customer want from the product/service? What needs does it satisfy?

What features does it have to meet these needs?

Are there any features you've missed out? Are you including costly features that the customer won't actually use?

How and where will the customer use it?

What does it look like? How will customers experience it?

What size(s), color(s), and so on, should it be?

What is it to be called?

How is it branded?

How is it differentiated versus your competitors?

What is the most it can cost to provide, and still be sold sufficiently profitably? (See alsoPrice, below).

Place Where do buyers look for your product or service? If they look in a store, what kind? A specialist boutique or in a supermarket, or both? Or

online? Or direct, via a catalogue?

How can you access the right distribution channels?

Do you need to use a sales force? Or attend trade fairs? Or make online submissions? Orsend samples to catalogue companies?

What do you competitors do, and how can you learn from that and/or differentiate?

Price What is the value of the product or service to the buyer?

Are there established price points for products or services in this area?

Is the customer price sensitive? Will a small decrease in price gain you extra marketshare? Or will a small increase be indiscernible, and so gain you extra profit margin?

What discounts should be offered to trade customers, or to other specific segments ofyour market?

How will your price compare with your competitors?

Promotion Where and when can you get across your marketing messages to your target market?

Will you reach your audience by advertising in the press, or on TV, or radio, or onbillboards? By using direct marketing mailshot? Through PR? On the Internet?

8/13/2019 4 Ps Defining

3/4

When is the best time tenvironmental issues thtiming of subsequent pr

How do your competitorpromotional activity?

The 4Ps model is just one oAnd, whilst the questions weprobing that may be require

Amongst the other marketinBitner's 7Ps, sometimes callpeople, processes and physi

Another marketing mix apprmarketing mix from the buyeneeds and wants (the equivCommunication (promotion).recognized, and contains th

Using the 4Ps Ma

The marketing mix model cacan also be used to test youexisting offer, follow the step

1. Start by identifying the

2. Now go through and an3. Try asking "why" and "

whyyour target audienWhat if you offer moreWhat if you improve PR

Tip:Check through your answerare doubts about your assumay need to gather.

4. Once you have a well-dcustomer's perspective,

1. Does it meet their

2. Will they find it wh

3. Will they consider i

4. And will the market

5. Keep on asking questiohave optimized your mavailable.

promote? Is there seasonality in the market? Arat suggest or dictate the timing of your market laomotions?

s do their promotions? And how does that influe

many marketing mix lists that have been develohave listed above are key, they are just a subseto optimize your marketing mix.

mix models have been developed over the yeared the extended marketing mix, which include thical layout decisions.

ach is Lauterborn's 4Cs, which presents the eler's, rather than the seller's, perspective. It is madlent of product), Cost (price), Convenience (placIn this article, we focus on the 4Ps model as it iscore elements of a good marketing mix.

keting Mix Model

n be used to help you decide how to take a newr existing marketing strategy. Whether you are cos below help you define and improve your marke

roduct or service that you want to analyze.

swers the 4Ps questions as defined in detail abhat if" questions too, to challenge your offer. Fore needs a particular feature. What if you drop yoolors? Why sell through wholesalers rather thanrather than rely on TV advertising?

to make sure they are based on sound knowledptions, identify any market research, or facts an

efined marketing mix, try "testing" the overall offeby asking customer focused questions:

eeds? (product)

re they shop? (place)

's priced favorably? (price)

ing communications reach them? (promotion)

ns and making changes to your mix until you arerketing mix, given the information and facts and

e there any widernch, or the

ce your choice of

ed over the years.of the detailed

s is Boom andfirst 4 Ps, plus

ents of thee up of Customere) andthe most well-

ffer to market. Itnsidering a new orting mix.

ove.example, askur price by 5%?direct channels?

e and facts. If therefigures that you

r from the

satisfied that youigures you have

8/13/2019 4 Ps Defining

4/4

6. Review you marketingproduct or service, andcompetitive environmen

Key Points:

The marketing mix helps yomarket offer.

One of the best known modterms of product, place, pricventure, or evaluating an exi

ix regularly, as some elements will need to chanits market, grow, mature and adapt in an ever-cht.

define the marketing elements for successfully

ls is the Four Ps, which helps you define your mand promotion. Use the model when you are pl

sting offer, to optimize the impact with your targe

ge as theanging

ositioning your

rketing options innning a new

t market.