What are the 4 questions?

Definition

The 4 P’s are a marketing term that refers to Product, Price, Place (or Distribution), and Promotion. This “marketing mix” of four key factors in marketing is the foundation of successful marketing strategies worldwide.

Definition and Examples of the 4 P’s in Marketing

The 4 P’s were notably defined by Neil Borden, an advertising professor at Harvard University, in a 1964 article titled “The Concept of the Marketing Mix.” However, the concept of these four fundamental factors in marketing has existed since the 1950s, although it has evolved significantly since then.

This four-sided marketing model is used by most successful companies and is fundamental to comprehensive marketing plans. Here’s more about the 4 P’s:

Product

Quality, packaging, design, materials, and production costs are vital considerations when designing and marketing products. To fully understand this part of the 4 P’s, ask yourself, do I have a product worth buying? What makes this product good? Who will be interested in it and why?

It is important to ask questions like, who does not care about my product and why? How can I modify my product or marketing mix to accommodate new or more customers? Which designs or price points or promotional tactics or product locations are ineffective?

For example, paper plates should be able to hold food well, be made from healthy materials, be low-cost, be disposable, and be readily available. Therefore, marketing gold-rimmed paper plates as a product would fail in marketing. Offering expensive paper plates contradicts the purpose of inventing them.

The current large target audience for paper plates will not be interested in paying more for this product, or in disposing of something of value (gold) when they only want a product that saves time and costs little. In contrast, it makes sense to present gold paper for luxurious desserts in a fine dining restaurant for customers who spend more. Such lavish products are almost an expected part of the fine dining experience and thus market well. It is also worth mentioning that marketing the same luxurious dessert on paper plates would not be as popular, for obvious reasons.

Price

When considering the “Price” element in the 4 P’s, it is important to look at the two different pricing structures that companies can adopt: cost-based pricing and value-based pricing. Using market research to determine how much interest or target audience or market share your product has is a great place to start.

For products readily available in saturated markets that face significant competition, cost-based pricing is the norm. If the product is inexpensive, undesirable, or unique, setting the price based on its cost to consumers is more appropriate, and pricing your product competitively will be effective.

Value-based pricing relies on consumers’ subjective assessments of value. Luxury clothing, luxury cars, and rare gemstones are examples of products priced based on value. The rarer the item, the greater the social and community value placed on it, the higher the demand, and the higher the price.

Place

In the marketing mix, “Place” refers to the location (virtual or physical) where you will market your goods or services. Assume who wants your product and where they spend most of their time. This explains why most marketers now spend their large advertising budgets on social media and search engines instead of television or radio. The reason is that customers spend their time there. A common expression used now is “meet them where they are.”

Also

You need to look at what type of promotion works well with your target audience for this angle to succeed. Some types of products perform better when marketed in different places or environments.

Sales of hardware supplies continue to do well in physical stores for a number of reasons. Consumers enjoy the ability to handle such products before purchasing them. Often, a visit to a hardware store leads to some additional purchases that the customer did not realize they needed. Selling a tool in a hardware store or a lumberyard is still a smart move, in addition to offering it online.

However, placing your product in a location where it makes sense to do so (and where your target audience expects it to be) is smart marketing. However, guerrilla and innovative marketing (a term referring to marketing in an unexpected location where consumers least expect it) can also be effective. Sometimes, the element of surprise can be a strong addition to the marketing plan.

For other products, making sales in physical stores no longer makes sense. Streaming services, apps, software programs, or services are great examples of this. There is nothing physical to buy, so promotion, pricing, place, and product all happen in one place – virtually. This keeps production and advertising costs low and ensures that products or services are available and operational, improving customer satisfaction and word-of-mouth marketing.

Promotion

The success of your product promotion heavily depends on the other three factors in the marketing mix as well. For example, how you promote your product or service depends on what type of offering you have, where it will be sold, how much it costs, and who your target audience is.

For instance, it may not make sense to promote the launch of your new app through a newspaper ad (where your target audience may not even see that ad), but promoting its launch through TikTok videos or Instagram ads is appropriate.

Within the marketing mix framework of the 4 Ps, you can turn promotional ideas from your marketing plan. What combination of promotional tactics or strategies will work best for your product? Consider possibilities such as social media advertising, targeted PR releases, personal selling campaigns, direct marketing, and sales promotions.

Source: https://www.thebalancemoney.com/what-are-the-4-ps-5188925