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The four Ps of marketing—product, price, place and promotion—serve as a framework for marketing success. Sometimes referred to as the marketing mix, the four Ps help guide businesses in the creation of winning business ideas that deliver what customers want, where and how they want it at a price that’s most appealing.
Building a solid marketing plan structured around the four Ps can help you increase awareness for your brand and its products or services, drive sales and achieve overall stronger bottom-line results.
Leveraging the 4 Ps of Marketing Real Brand Examples to Inspire Your Strategy
The 4 Ps of marketing – product, price, place and promotion – have been around for over 50 years. First introduced by E. Jerome McCarthy in 1960, this marketing mix provides a useful framework for developing and executing a comprehensive marketing plan.
But what do the 4 Ps look like in action today? Let’s explore contemporary examples of companies effectively applying each P, as well as tips to optimize your own marketing strategy.
Product Providing Value Through Offerings
Your product includes both physical goods and intangible services that you sell to customers. The key is to continually refine your offerings based on market demand.
Product Examples:
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Tesla didn’t just manufacture electric cars. They engineered a driving experience with cutting-edge technology, performance and luxury.
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Amazon built an empire by starting as a bookseller before expanding into countless other products. Their Prime membership also delivers value through free shipping and media.
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Uber’s mobile app provides the service of on-demand rides. They disrupted the taxi industry by making transportation more convenient.
Product Strategy Tips:
- Focus on solving a customer problem or delivering an exceptional experience
- Offer premium features that competitors lack
- Bundle products and services together to increase perceived value
Price: Finding the Optimal Amount for the Market
Price refers to what you charge for products and services. Using competitive analysis and testing, determine an ideal price point.
Price Examples:
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Costco uses a membership model that allows lowered prices on bulk purchases. Customers pay for access to deals.
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Southwest Airlines employs value-based pricing. Customers pay only for the amenities they want like checked bags and snacks.
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Spotify utilizes freemium pricing. A free, ad-supported version converts users to the premium, paid experience.
Price Strategy Tips:
- Research competitor pricing and production costs to set a baseline
- Use discounts, bundled pricing and memberships creatively
- Test different price points and adjust based on customer response
Place: Making Buying Convenient
Place covers where your product is available for purchase and how customers access it. Both physical and digital distribution channels should make buying easy.
Place Examples:
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Apple sells devices both online and at strategic high-end retail locations with exceptional service.
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SaaS companies like Slack and Zoom primarily distribute products directly through their websites.
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Handmade goods marketplace Etsy enables artisans to open virtual shops accessible globally.
Place Strategy Tips:
- Sell through physical and digital channels suited to your industry
- Make the purchase process quick and frictionless
- Research distribution gaps competitors are not filling
Promotion: Effectively Reaching Customers
Promotion encompasses the many tactics used to build brand awareness and increase sales. A multimedia marketing mix effectively nurtures leads and customers.
Promotion Examples:
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Red Bull cultivated a youthful, adventurous image through extreme sports sponsorships.
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Dove’s award-winning “Real Beauty” campaign celebrated diversity and empowerment to connect with women.
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Oreo’s humorous, interactive social media presence keeps the century-old brand fresh and relevant.
Promotion Strategy Tips:
- Define your brand identity and target audience preferences
- Craft messaging and creative content tailored to each platform
- Track performance data to double down on high ROI activities
In Review: The 4 Ps Explained
The 4 Ps model remains a foundational framework for developing well-rounded marketing plans. Here’s a recap:
Product – The items you sell, whether physical goods, services or intellectual property. Refine offerings to best serve customers.
Price – What you charge for products or services. Find an optimal price point through testing and competitive analysis.
Place – Where and how customers can purchase or access your offerings. Make buying as convenient as possible.
Promotion – The mix of tools used to build brand awareness and boost sales. Connect through tailored messaging on relevant platforms.
While simple in concept, executing on each P requires significant time and resources. Audit your current marketing strategy to identify opportunities for improvement across each element. Analyze competitors excelling at one or more Ps that you can emulate. Customer and industry research will reveal unmet needs to address.
The 4 Ps enable brands to take a 360-degree view of how their marketing activities convert interest into sales. With a balanced 4P strategy tailored to your business model, product offerings and audience, you can drive growth and stand out from the competition. Evaluate how leading companies creatively apply each P – and adopt lessons learned to strengthen your own marketing plan.
Which of the four Ps of marketing is the most important?
Many consider the product to be the most important of the four Ps of marketing. That being said, even excellent products can only be successful if a business strategically deploys all vital aspects of the marketing mix, including the remaining three Ps: place, promotion and price.
What Are the Four Ps of Marketing?
The idea of a marketing mix was first popularized in the 1950s by Neil Bordon, a Professor of Advertising at Harvard. Drawing from Bordon’s work along with the work of other prominent marketing and business leaders, E. Jerome McCarthy introduced the four Ps of marketing in his book Basic Marketing: A Managerial Approach.
You may recall from your Intro to Marketing college course that product, price, place and promotion are the four Ps of marketing. While the four Ps have been around for decades, the concept is just as relevant to businesses today as it was when the four Ps were first introduced.
The 4 Ps of The Marketing Mix Simplified
What are the 4 Ps of marketing?
The four Ps of marketing are product, price, place, and promotion. These are the key factors that are involved in marketing a product or service. You take the four Ps into account when creating strategies for marketing, promoting, advertising, and positioning your product or brand.
What are the 5 PS in marketing?
The five Ps are product, price, place, promotion, and people . Today, many marketers use the five Ps over the four Ps because they center the experiences of customers and staff in the marketing process. Typical considerations include how a customer behaves, their product experience, and overall satisfaction with the business.
Why are the 4 p’s called the marketing mix?
Because each of the 4 P’s are supposed to work together like ingredients in a recipe, the 4 P’s are also called The Marketing Mix. What is the marketing mix? Just your business’s unique blend of the 4 P’s to create your own custom recipe for marketing success.
What are the 7 Ps in marketing?
The seven Ps are product, price, place, promotion, people, processes, and physical evidence . The seven Ps are a further elaboration of the five Ps, adding considerations of the processes that define the customer experience and the physical evidence that the target market needs to see to become customers.
