Strategy 4Ps in marketing This is the most basic starting point that any marketer must master. This is the “basic” strategy that has never shown any sign of being obsolete. Therefore, immediately discover the meaning of the 4Ps to be applied effectively and optimally.
What is the 4P strategy in marketing?
4P is considered the fundamental marketing strategy. The 4Ps in marketing are a set of marketing tools that have four elements. These factors are: Product (Product), Price (Price), Promotion (Promotion), Place (Distribution).
The 4Ps are considered fundamental marketing strategies
The term 4P was coined in 1953 by Neil Borden. It is a marketing model applied by businesses to market, increase revenue and achieve marketing goals in the target market.
The core of the 4P strategy in marketing is to improve the company’s value and reputation in the market, create competition and increase consumer benefits. By effectively applying the 4Ps, companies will reap many benefits. If you want to apply higher and more complex marketing strategies, you must first make sure to implement the 4Ps.
Learn the 4P strategy in retail marketing
Each “P” in the 4Ps has its own meaning, representing an element for effective marketing. The correct and precise application of each “P” will increase your chances of being firmly established in the market. Find out in detail, companies will easily achieve the set marketing goals.
Product (Product)
Product (product) is the first foundation of any marketing strategy. If the product is not good, if it is not properly invested, it will be difficult for the company to succeed. Products in marketing can be intangible objects such as telecommunications services, tourist services, .. or can be tangible objects such as machinery, equipment, goods, etc.
Products are the first foundation of any marketing strategy
Price (Price)
In the 4P combat force, Price is the selling price of the product to the consumer. When deciding the selling price, companies must determine and balance different costs when making finished products such as materials, design, labor, transportation, storage, etc. the value of the product.
Location (Distribution)
Place in 4P is where customers can view and purchase products. This is called the product distribution channel. Products can be distributed directly, that is, sold to customers without intermediaries. The company has a well-invested sales team, sales venue and sales website.
Or the product may be sold through an indirect distribution channel. These are intermediate channels such as stores, supermarkets, shopping centers, restaurants, ..
Specials
The last P of the 4Ps in marketing is Promotion. This word means promotion, advertising or marketing. This is how the product is known to users. The promotional tools can be advertising on the radio, on the Internet, on television or marketing products door-to-door, sending products to customers, .. Or even organizing exhibitions, d events, press conferences, etc. …
Promotion means the promotion, advertising or marketing
With 4P strategy in marketing New products will be more invested, launched with competitive prices and good features to reach users quickly and efficiently. Almost every business needs to learn and apply the 4P strategy to develop products and promote their brand. Therefore, it is necessary to understand the strategy, apply it correctly and in order to achieve the best possible effect.