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    a product’s target market is part of which of the 4 p’s of marketing?

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    The 4 Ps of Marketing: What They Are and How to Use Them

    Learn what the 4 Ps are and how they can help you on your next marketing endeavor.

    Articles Marketing

    The 4 Ps of Marketing: What They Are and How to Use Them

    The 4 Ps of Marketing: What They Are and How to Use Them

    Written by Coursera • Updated on May 31, 2022

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    Learn what the 4 Ps are and how they can help you on your next marketing endeavor.

    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].

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    The four Ps

    The 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.

    Product

    The 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:

    What is your product?

    What does your product do? Does the product meet an unfilled need or provide a novel experience?

    Who is your product’s target audience?

    How is your product different from what others offer?

    Price 

    Price 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:

    What is the price range of your product’s competitors?

    What is the price range of your target audience?

    What price is too high for your audience? What price is too low?

    What price best fits your target market?

    Place

    Place is where you sell your product and the distribution channels you use to get it to your customer.

    Source : www.coursera.org

    What is the Marketing Mix (4 P's of Marketing)?

    Understand the marketing mix (four P's of marketing) with examples. Also learn about its history and the alternative marketing mix models.

    DEFINITION

    4 P's marketing mix

    Kinza Yasar, Technical Writer

    What is the marketing mix (4 P's of marketing)?

    The marketing mix, also known as the four P's of marketing, refers to the four key elements of a marketing strategy: product, price, place and promotion. By paying attention to the following four components of the marketing mix, a business can maximize its chances of a product being recognized and bought by customers:

    Product. The item or service being sold must satisfy a consumer's need or desire. Price. An item should be sold at the right price for consumer expectations, neither too low nor too high. Promotion. The public needs to be informed about the product and its features to understand how it fills their needs or desires. Place. The location where the product can be purchased is important for optimizing sales.

    Understanding the 4 P's: Examples and considerations

    The four P's are linked and work together. While various marketing concepts have been developed over time, the four P's are the basis for every successful marketing strategy. The following is a breakdown of each P with examples.

    Product

    Products are commodities and services that solve problems and satisfy the needs of consumers. A product can be tangible, such as a vehicle or a piece of clothing, or intangible, such as a cruise or house cleaning service. A successful product either fills a void in the marketplace or offers a unique experience that spikes demand.

    Example. Before the iPhone was launched, most consumers did not realize the need for a phone that would let them access everything at their fingertips. The way Apple marketed its product compelled people to simplify their lives by carrying a smartphone that could also serve as a GPS, calendar, search engine, flashlight, weather guide and calculator.Questions to ask. Before marketing a product, it is important to understand it intimately. This includes discovering details about the target audience and its preferences.

    The following are some questions to answer before developing a product:

    What is the product?

    Is it a specific product or a service?

    What does the product accomplish?

    Does the product fulfill a need or provide a unique experience?

    Who are the target customers for the product?

    What differentiates the product from the competition?

    The marketing mix consists of the four key elements of a marketing strategy: product, price, place and promotion.

    Price

    Price is the cost of the product that the consumer pays. During product marketing, it is important to set a price that reflects the current market trends and is affordable for consumers, yet at the same time is profitable for the business. Price can fluctuate based on the supply and demand and the product's sales cycle. While some businesses might lower the price to compete with the market, others might inflate it -- especially if they are promoting a luxury brand.

    Example. Price points play a vital role in making a product successful. For example, if a product is overpriced, only a few consumers will purchase it. Conversely, a product that is priced too low can give consumers an impression of inferior quality, thus preventing them from purchasing it.Questions to ask. To determine the most profitable price for a product, it is important to study the target audience and what they are willing to pay for that product.

    The following are some questions to answer before establishing a product pricing strategy:

    How much do the competitors charge for similar products?

    What is the affordability and price range of target consumers?

    What is the lowest price that the product can sell for?

    What is the highest price that the product can sell for?

    What price is too high or too low for the target audience?

    What price is the best fit for the target market?

    Place

    This is where and how the product or service is purchased by the customers. It also entails where the product is stored and manufactured. Digital transformation has evolved how products are sold -- online, small local shops or global producers. This marketing plan also considers where the product is advertised and in which format, such as magazines, online ads, radio, infomercials or film product placements.

    Example. The place is where the product is marketed and distributed from. For example, when targeting a product to seniors, it would be wise to not market it on TikTok. Similarly, products targeting the younger generations would gain more attention if they were promoted online and on social media platforms. Questions to ask. Not every place is suitable for marketing and distributing a product. As such, it is important to distribute products and meet customer needs in a place that is easily accessible.

    The following are some questions to consider before deciding on a place to market a product:

    Which places or venues do buyers frequent for similar products and services?

    Where is the competition selling its products?

    What are the shopping habits of the target audience?

    Source : www.techtarget.com

    The 4 Ps of Marketing: A Step

    What are the 4 Ps of marketing? Here's what you need to know -- including examples of big brands using them to drive profits.

    I hope you enjoy reading this blog post.

    If you want my team to just do your marketing for you, click here.

    The 4 Ps of Marketing: What You Need to Know (With Examples)

    Blog / The 4 Ps of Marketing: What You Need to Know (With Examples)

    The 4 Ps of marketing — you’ve probably heard about them from a friend, a textbook, or even at school.

    I know it sounds like a boring topic that’s common sense, but there is more to it than meets the eye.

    And no, it’s not just for large companies. The smaller you are, the more important for you it is to leverage the 4 Ps of marketing.

    So before we dive into it, let’s first break down what they are…

    What Are The 4 Ps of Marketing?

    The 4 Ps of marketing is a marketing is a concept that summarizes the four basic pillars of any marketing strategy.

    The four Ps of marketing are:

    Product: What you sell. Could be a physical good, services, consulting, etc.Price: How much do you charge and how does that impact how your customers view your brand?Place: Where do you promote your product or service? Where do your ideal customers go to find information about your industry?Promotion: How do your customers find out about you? What strategies do you use, and are they effective?

    It sounds simple and it really is. The harder part is implementing the 4ps of marketing, which we will get into in the next sections.

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    The theory behind the 4 Ps of marketing is that covering all 4 Ps will result in higher sales. But, sadly nothing is quite that easy.

    The origin of the concept, also known as marketing mix, goes back to 1960 when McCarthy introduced it in his book Basic Marketing: A Managerial Approach.

    I know that’s ages ago, but the 4 Ps/marketing mix concept is just as valid today.

    Let’s dive into the concepts and look at 4 Ps of marketing examples to understand how you can apply this to your own company.

    The First P of Marketing: Product

    The product is what the company sells.

    It might be a product like a soft drink in the beverage industry or dresses in a clothing store. Or these days it may even be software like Ubersuggest.

    It could also be services, such as consulting or a paid speaking gig or even a therapy session.

    In short, the product is everything that is made available to the consumer.

    In the 4 Ps strategy, this means understanding what your offer needs in order to stand apart from competitors and win over customers.

    In other words, what makes your product so great or unique? Because if you don’t stand out it’s going to be hard to thrive.

    For example, you may know about my product Ubersuggest, but you probably know about a handful of my competitors.

    So what’s the big thing that makes my product stand out from everyone else?

    I don’t focus on features, I don’t have 100s of reports. Instead, I focus on usability. My goal is to make Ubersuggest really easy to use, especially if you are new to marketing.

    On the flip side, my competitors focus on ad agencies and really advanced marketers. I built something for a different target market, even though I am in a crowded market place.

    How to Create an Amazing Product Your Customers Love

    I want you to do something simple. Go to Hotjar, signup for a free account, and run a poll. Just like the one below.

    I’ve been running polls for a while now, but if you are starting off I would ask open-ended questions like:

    What’s the biggest problem I can help you solve? This will give you an idea of what your product needs to do.What’s your favorite marketing product and why? You’ll want to replace the word “marketing” with whatever industry you are in… this question gives you an idea about who your competition is and what they are doing right.Why did you come here today? This will tell you why people come to your site and what they are looking for.How can we make our product better? This is great if you already have a product up as you will get real feedback.What don’t you like about COMPETITOR ABC? Replace competitor ABC with your competition’s name… this question tells you where there is an opportunity.

    I want you to pay special attention to the last question. It really helps you identify how you can differentiate yourself from the competition.

    Now, before you go and build a product (or make yours better if you already have one), don’t invest too much time and money without getting feedback.

    Source : neilpatel.com

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