Importance of 4P’s in Marketing

Whenever you come across this heading, you must have always imagined what this is all about. However, if your friends are in the FMCG industry, then definitely you must have a little bit of an overview about this, isn’t it so?

The 4P’S of Marketing are the pillars on which this whole marketing ecosystem is built. You can consider these 4P (Product, Place, Price, Promotion) as the variables of the marketing equation. The P’s are interdependent on each other; they cannot be of much importance if they do not go hand in hand.

Let’s understand this in detail and make it a little interesting.

1. Product:If the product is good and has a lot of variety, it can cover a larger consumer base. Which means you have either a tangible product or an intangible service. Having variety is always a good option but needs to make sure that it has good value among the targeted audience as well. Product packaging is one of the important aspects that you, as a Digital Marketing company, should always focus on. Let’s move on to the second P before it becomes boring; we don’t want that, do we?
2. Pricing:Suppose you have a huge product base, but the pricing is not as per the customer’s perceived value of the product. This won’t be good, right? So as a marketing manager, it is your responsibility to promote your product digitally with consumer perceived value as well as keeping in mind the competitive pricing. One should never overlook revenue generation cost before deciding the pricing for your product or services.
3. Place:Now suppose you are traveling and your shoes are damaged somehow, what is the first ad you want to see? An ad regarding the best shoe store? This is where the whole science of the placement of your product is based. One would always want their product to be placed in such a way that it lures the consumers into buying or purchasing. Place here can mean a physical store; a virtual market can be direct selling as well.
4. Promotion:Now you have a good range of products, you have decided on pricing as per your target customer, and have also placed the product keeping in mind your target audience. What is left to do? Most importantly, promotion. Is that not it? Now you have to formulate a marketing strategy wherein you select different marketing channels. What is the target group, which marketing channels are most.

These are the 4 P’s of marketing. If you follow them, it will be a lot easier to create a brand name for yourself. And you will be able to build brand loyalty and brand trust.