Making the Most of the Four P's in Marketing
Product, Price, Place, Promotion: The Perfect Marketing Mix

In the 1950s, Neil Borden came up with the marketing mix concept, known as the 4 Ps. Several decades later, this concept is still used predominantly to drive consumers to products and services marketed by companies worldwide. Companies can use this methodology to determine consumer wants and needs and determine if the product or service offered meets or fails to meet those wants and needs. The 4 Ps also set the perception of the product or service, how this product or service stands out from others, and how the product or company itself relates to the buyer.
Product
The first of the four Ps is product, the good or service the company is trying to sell. First and foremost, the product should satisfy a want or need in the marketplace. Alternatively, it can also be innovative, unique, and interesting enough to create a new demand just from its very existence. Product type also plays a role in the other Ps as well as it will, at least in part, determine what can be charged, the placement of the product in both cyber and physical space, and the promotion that will be done.
Price
Price is simply what the customer will pay for your product. When marketing your product, consider the overhead costs, and then market the price as it pertains to the real value as well as the perceived value. Also, consideration needs to be paid to what the market price is for similar products so as to price it competitively.
Where that price falls depends on whether you are looking to create a good value to get more people to utilize your product or whether to inflate the price to indicate its place as a luxury product. Discounts should also be considered when setting the price as they can bring more sales, but possibly at the expense of the luxury reputation if you’ve gone that route.
Place
Place is where you do the actual selling of the product and how it’s made available to the consumer. The goal here is to get your product in front of those most likely to purchase it, whether it be a specific store, a display within a store, product placement in movies and tv shows, or online. The more your target market sees your product, the more likely it is they will seek it out, potentially leading to more sales.
Promotion
When people think of marketing a product, this is usually what comes to mind. Promotion is the actual advertising strategy used to tell the customer what the product is and why they need it. Another goal of promotion is to justify the price point determined previously. Promotion and place go hand and hand and often intertwine and interact, especially in today’s online world. Place and promotion are physical presence as well as an online presence.
For online promotion, things such as search engine optimization (SEO) and targeted ads are critical aspects to consider as well. Search engine optimization refers to having your website be found by the search engines and then placed high in the search results. Target ads are when a consumer is searching for something online that pertains to your product, an ad would pop up. Social media presence is also crucial here.
The 4 Ps are called marketing mix for a good reason as it is the recipe for success when it comes to marketing your goods and services. Ensure you have taken care to thoroughly analyze and understand each of the 4 Ps individually, as well as how they interact with each other and intertwine, to maximize impact on the consumer and show why they need your product as well as to differentiate yourself from the competition.


