Show
The 4 Ps of marketing refer to the traditional elements surrounding a service or product that a business owner or marketer has to consider and evaluate to succeed. They include:
But there’s a lot more to a successful marketing plan than people, product, price and place. At the very least, modern marketing professionals have to also consider two additional Ps - promotion and performance - to advertise your product correctly and measure the effectiveness of your efforts. Going even a little deeper, some marketing experts have, over the years, shifted their perspective, mainly in response to the rise of the internet and the seismic shifts it has affected on so many parts of daily life, including consumerism and marketing. Alana Burns, the chief marketing officer at Southern New Hampshire University (SNHU), said that the traditional 4 Ps of marketing are too focused on a brand. “They still matter, but they’re a singular way of looking at things,” Burns said. “What they don’t consider is the audience. They’re very brand-centric, not customer-centric. The 4 Ps are still relevant. They’re just not the most relevant.” What is the Best Marketing Strategy?There may not be a simple answer because marketing in the digital age is immensely complex. Beyond traditional print advertising and broadcast commercials, the internet has added so many tools to a marketer’s toolbox. Consumers can be reached 24 hours a day via those traditional methods, but also banner and video ads on websites, before and during YouTube videos, via text messaging and email and so many more. All of that digital traffic has also given marketers thousands of new data points to track and evaluate the most effective mode and message. "A good strategy needs to incorporate the mission and core values of the organization as a whole,” said Susan Bogle, vice president of product marketing at SNHU. “You need to know the end goal … “Strategy helps guide your initiatives to reach your goals throughout your marketing plan. It all needs to be actionable and measurable along the way.” There are several popular modes of thinking about marketing strategies and how companies and consumers interact. Here are a few. Moments of TruthOne of the key ways Burns said she thinks about different aspects of marketing strategies she oversees are called moments of truth. Author and marketing guru Robert Rose, writing for the Content Marketing Institute, defined the moments of truth as:
Beginning with the First Moment of Truth seems to make sense, but there’s an even earlier moment, “made famous by Google,” according to Rose called the Zero Moment of Truth - or ZMOT. That is the moment a person is confronted with a problem of some sort and turns to their laptop or phone to look for a product or service to help them. AIDA - Attention, Interest, Desire and ActionAnother framework to think about marketing strategy, goals and a company or product’s connection with consumers is AIDA – Attention, Interest, Desire and Action. Clifford Chi, a marketing manager, broke down the terms in a HubSpot blog post.
The Four Es of MarketingAnother prism through which you can view a customer’s journey from awareness to purchase is called the four Es of marketing. Dr. Dionne Boyd, an adjunct marketing professor at SNHU and CEO of Image Architects & Management based in Atlanta, said she finds this method of thinking about products and talking about marketing with her clients more relevant. “That’s the new language of how marketing has changed,” she said. Kleber & Associates, a building materials marketing and public relations firm expounded on this method and how each E is a direct replacement – or at least a different way of thinking about – each of the Ps of marketing.
Creating Consumer-Focused MarketingThose are the four Ps of marketing, as well as some other ways to look at what are age-old concepts that influence consumer behavior and the success of your marketing campaigns. While modern marketing has undergone a sea change with digital media development, many of the fundamental concepts remain just that - fundamental. “The 4 Ps are still fundamental elements of every campaign. Every product must have value. Place matters but has become a lot more complex in a digital world,” Bogle said. “Price is always top of mind to a consumer, but I think value is really where it is at in our industry. They want to know there will be a good return on their investment when it comes to a college degree. Earning a degree takes both precious time and money. We often hear prospects ask, “How much and how long will it take?” Boyd stressed the importance of flexibility and integration of your marketing efforts into a cohesive and strategic whole. Integrated marketing communications take advantage of as many vehicles as possible. A great website isn’t enough. Consumers have to be able to reach you on Facebook, Twitter, Instagram and more, and see you through mobile ads, sponsorships and in person. “Gone are the days where you can be a one-trick pony,” she said. “It’s not going to work. You have to be integrated.” It may seem like everything has changed but, according to Burns, the foundations of marketing and building a strategic marketing plan have not; just some of the tactics marketers use and ways they think about the industry. “Many of the tenets of marketing haven’t changed. The audience, the offer, message, where you reach them. Those haven’t changed,” she said. “It’s the way we reach customers that’s changed. And, their requirement of us, of their customer experience, is for simplicity and ease. We have pivoted from being more brand-focused to being consumer-focused.” Joe Cote is a staff writer at Southern New Hampshire University. Follow him on Twitter @JoeCo2323. The four Ps are a “marketing mix” comprised of four key elements—product, price, place, and promotion—used when marketing a product or service. Typically, businesses consider the four Ps when creating marketing plans and strategies to effectively market to their target audience. Although there are many other “marketing mixes,” the four Ps are the most common and foundational to creating a successful marketing plan. In this article, you will learn more about their purpose, history and find a detailed breakdown of the four Ps. What are the 4Ps of marketing? (Marketing mix explained)The four Ps are product, price, place, and promotion. They are an example of a “marketing mix,” or the combined tools and methodologies used by marketers to achieve their marketing objectives. The 4 Ps were first formally conceptualized in 1960 by E. Jerome McCarthy in the highly influential text, Basic Marketing, A Managerial Approach [1]. There, McCarthy noted that while the text of the book was “similar to that found in the traditional texts, the approach is not.” McCarthy’s novel approach was influenced by the still-recent “marketing mix” concept, which Harvard Business School professor Neil. H. Borden popularized in the 1950s. In fact, Borden himself had been influenced by a 1948 study written by James Culliton, in which the author equated business executives to “artists” or “mixer[s] of ingredients” [2]. Rather than using the same approach for every situation, then, Culliton and Borden recognized that successful executives instead mixed different methods depending on variable market forces. McCarthy streamlined this concept into the four Ps—product, place, price, and promotion—to help marketers design plans that fit the dynamic social and political realities of their time and target market. In effect, the purpose of the four Ps remains the same today as when McCarthy first published his book: “developing the ‘right’ product and making it available at the ‘right’ place with the ‘right’ promotion and at the ‘right’ price, to satisfy target consumers and still meet the objectives of the business” [3]. The four PsThe four Ps form a dynamic relationship with one another. Rather than one taking priority over the other, each is considered equally important in crafting a strategic marketing plan. ProductThe product is the good or service being marketed to the target audience. Generally, successful products fill a need not currently being met in the marketplace or provide a novel customer experience that creates demand. For example, the original iPhone filled a need in the market for a simplified device that paired a phone with an iPod, and the chia pet provided a humorous experience for consumers that was utterly unique. As you are working on your product, it is essential to consider your target audience and their unique needs. Some questions to consider when working on a product include:
 specialization Marketing Mix ImplementationTake your product through the Marketing Mix. Master the Marketing Mix and take your product to new heights. 4.6 BEGINNER level Average time: 6 month(s) Learn at your own pace Skills you'll build: Pricing, Communication, Product Management, Marketing, Brand Architecture, Brand Management, Brand Engagement, Psychology, Price Discrimination, Pricing Strategies, Retail Management, Supply Chain, Retailing, Channel Management, Advertising, Integrated Marketing Communications, Marketing Communications PricePrice is the cost of a product or service. When marketing a product or service, it is important to pick a price that is simultaneously accessible to the target market and meets a business’s goals. Pricing can have a significant impact on the overall success of a product. For example, if you price your product too high for your targeted audience, then very few of them will likely purchase it. Similarly, if you price your product too low, then some might pass it up simply because they are concerned it might be of inferior quality and cut into your potential profit margins. To identify a successful price, you will want to thoroughly understand your target audience and their willingness to pay for your product. Some questions you might ask yourself as you are considering your product’s price include:
PlacePlace is where you sell your product and the distribution channels you use to get it to your customer. Much like price, finding the right place to market and sell your product is a key factor in reaching your target audience. If you put your product in a place that your target customer doesn’t visit—whether on or offline— then you will likely not meet your sales target. The right place, meanwhile, can help you connect with your target audience and set you up for success. For example, imagine you are selling an athletic shoe you designed. Your target market is athletes in their early twenties to late thirties, so you decide to market your product in sports publications and sell it at specialty athletics stores. By focusing on sports stores over shoe stores in general, you are targeting your efforts to a specific place that best fits your marketing mix. To decide the best place to market and sell your product, you should consider researching the physical or digital places that your target audience shops and consumes information. Some questions to consider include:
PromotionPromotion is how you advertise your product or service. Through promotion, you will get the word out about your product with an effective marketing campaign that resonates with your target audience. There are many different ways to promote your product. Some traditional methods include word of mouth, print advertisements, and television commercials. In the digital age, though, there are even more marketing channels that you can use to promote your product, such as content marketing, email marketing, and social media marketing. Some questions to consider as you are working on your product promotion include:
professional certificate Google Digital Marketing & E-commerceThis is your path to a career in digital marketing. In this program, you’ll learn in-demand skills that can have you job-ready in less than 6 months. No degree or experience required. 4.8 BEGINNER level Average time: 6 month(s) Learn at your own pace Skills you'll build: Marketing, E-Commerce, display advertising, Email Marketing, Search Engine Optimization (SEO), Customer loyalty, Marketing Analytics, Customer Outreach, Website Structure, Customer Awareness, Google, Search Engine Marketing, Social Listening, Social Media Bidding, Customer Engagement, Social Media Analytics, Social Media Branding, Email Writing, Email list segmentation, Email marketing strategy, Email marketing analytics, Contact management, Digital marketing KPIs, Spreadsheet management, Presenting to stakeholders, Media planning and strategies, Fulfillment and delivery, E-commerce platforms, E-Commerce Strategy, Seasonality, Job preparedness, Customer Relationship Management (CRM), Portfolio preparation, E-commerce store optimization, Building customer loyalty Other marketing mixesThe four Ps aren’t the only marketing mix used today. Some other modern marketing mixes include the five Ps, the seven Ps, and the 5 Cs. Although each of these reflects certain aspects of the four Ps, they also each possess some unique elements that alter their emphasis on the marketing process. The five PsThe five Ps are product, price, place, promotion, and people. Today, many marketers use the five Ps over the four Ps because it centers the experiences of customers and staff in the marketing process. Typical considerations include how a customer behaves, their experience with the product, and their overall satisfaction with the business. The seven PsThe 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. While processes might involve the specific customer service processes that define a product, physical evidence can be websites or store displays that help the target market imagine themselves using the product. The five CsThe five Cs are customer, company, competition, collaborators, and climate. In some respects the five Cs reflect many of the same concerns of the four and five Ps, but with added emphasis on external factors, such as possible outside collaborations and competitive research. Furthermore, while “climate” refers to the social, political, and economic context surrounding the market, “customer” refers to the target market and customer experience. “Company,” meanwhile, refers to the place of the company and their available resources in the marketing process. Get market ready.Effective marketing takes time, but the proper preparation can yield outstanding success. As you look to your next marketing endeavor, define your Ps with Marketing Mix Implementation from IE Business School. Just getting started in marketing? Build the skills you need for an entry-level role with the Meta Social Media Marketing or Marketing Analytics Professional Certificates on Coursera. professional certificate Meta Social Media MarketingLaunch your career as a Social Media Marketer. Build job-ready skills for an in-demand career and earn a credential from Meta. No degree or prior experience required to get started. 4.9 BEGINNER level Average time: 7 month(s) Learn at your own pace Skills you'll build: Performance Advertising, Digital Marketing, Brand Management, Social Media Marketing, Content Marketing, Marketing, Social Media Marketing Strategy, Content Development, content management, Marketing Content Development, Campaign Management, Ad Management, Meta Ads Manager, Meta advertising, Marketing Optimization, Digital Analytics, Marketing Strategy, Communication, Ads Manager professional certificate Meta Marketing AnalyticsLaunch Your Career in Marketing Analytics. Build in-demand skills and gain credentials to go from beginner to job-ready in 5 months or less. No degree or prior experience required. 4.7 BEGINNER level Average time: 7 month(s) Learn at your own pace Skills you'll build: Marketing Strategy, Data Analysis, Marketing Mix Optimization, Statistics for Marketing, Advertising Effectiveness Evaluation, Marketing, Digital Marketing, Python Programming, Tableau Software, Data Visualization (DataViz), Statistical Analysis, Linear Regression, Statistical Hypothesis Testing, Marketing Mix Modeling, Marketing Plan, A/B Testing, Meta advertising, Social Media Marketing, Ads Manager, Marketing Science, Facebook Advertising Frequently asked questions (FAQ)All of the 4 Ps—product, price, place, and promotion—are important components of your marketing strategy. They work most effectively when marketers use them in conjunction with one another. You may find yourself focusing on one or another at different phases of business development. For example, you might focus on product and price at earlier stages, while place and promotion might become priorities at a later stage when you’re preparing to introduce the product to the market. Although the 4 Ps of marketing has been around since the 1960s, the concept is still considered useful, even as marketing rapidly evolves and becomes increasingly digitized. You can think of the 4 Ps as comprising the foundation to developing effective marketing strategies. At the same time, it’s a good idea to use some of the other models—the 5 Ps (product, price, place, promotion, and people) or the 5 Cs (customer, company, competition, collaborators, and climate)—to build a more thorough approach to marketing. Related articlesArticle sources1. Oxford Reference. “E Jerome McCarthy, https://www.oxfordreference.com/view/10.1093/oi/authority.20110803100143321.” Accessed July 29, 2022. 2. Guillaum Nicaise. “The Concept of the Marketing Mix, http://www.guillaumenicaise.com/wp-content/uploads/2013/10/Borden-1984_The-concept-of-marketing-mix.pdf.” Accessed July 29, 2022. 3. HathiTrust. “Basic Marketing: a managerial approach, https://babel.hathitrust.org/cgi/pt?id=inu.30000041584743&view=1up&seq=1.” Accessed July 29, 2022. |
Which of the following is not one of “the four ps” for a conventional marketing mix?
Postagens relacionadas
direito autoral © 2024 ifazerum Inc.
