The 4Ps of marketing is a model for enhancing the components of your ‘marketing mix’, developing your marketing campaign and management – the way in which you take a new product or service to market. It helps you to define your marketing options in terms of price, product, promotion, and place so that your offering meets a specific customer need or demand.
The marketing mix can be divided into four main elements commonly known as the 4Ps of Marketing:
Define what you are offering. It can also be considered as a service. Evaluate what benefits customers expect to address needs related to:
-Variety, Colors and Sizes.
-Quality, Design and Brand.
-Packaging and Features.
-Guarantees, Exchanges and Support Services.
-Convenience of Use, Handling and Delivery.
Evaluate how much the product or service offered. The value must be affordable and the price composition strategies must be effective in relation to the following points:
-List price list.
-Term and means for payment.
-Criteria in granting credit.
-Cost vs. benefit compared to the market.
Understand where the marketing action takes place, how the environment is and how the interaction with distribution points is. Evaluate marketing strategies for:
-Physical and online channels for service.
-Business reach area.
-Location of stocks.
-Distribution and transport of goods.
-Differentiation of local competitors.
Define strategies for effective dissemination for the public of interest:
-Visual identity of product and categories.
-Production online content.
-Customer attraction and targeting.
The 4Ps process of marketing mix (or Marketing Composite) was disseminated by North American consultant and professor Philip Kotler and passed an extended being to the 6 P’s and 8 P’s of services Marketing.
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