The Marketing 4Ps

By January 12, 2021No Comments

The “famous” Marketing 4P’s are nothing but the basic Marketing Mix factors to focus on when analyzing or developing any marketing action.

These simple and basic factors are:

  • 1. Product
  • 2. Price
  • 3. Promotion
  • 4. Place

Certain economic sectors would have to regard some other factors in addition to these 4, but never less.

1. Product

These first P may be the least understood from all the 4 P’s.

It is not just describing your “product” as you would like the customer to regard it, but deeply defining what are you really selling to your customers:

  • The experience.
  • The features.
  • The quantity.
  • The alternatives.
  • The complementary products you offer.

We bet you have ever been into a McDonald’s.

  • It is one of the most valuable brands in history, employing 1.7 million people.
  • Their restaurants are always full of happy children… and not only children.

How did they “do it”? Well… First of all, don’t just think about their burgers:

Think about the experience they sell; what people feel when visiting a McDonald’s:

  • The children have a “Toy” when they order a Happy Meal.
  • All the smell you love when entering a McDonald’s.
  • The memories you have playing with your friends.
  • You may bring your children since you associate it with nice moments.
  • Moreover, the taste of their hamburgers has not varied since you were a child.

They sell this; an Oasis where you can remember good old times.

Lot of things in your life may have changed, but you know that the taste of a Big Mac will remain the same, as well as the child-friendly feeling you find at McDonald’s.

2. Price

As we explained on “Marketing Strategy”, it is important to focus not just on the “price-number” itself, but in the Real value your product has.

You must take into account:

  • Competitor prices.
  • Alternative products you may find in the market.
  • Your Marketing Strategy:
    • High or low perceived prices and their Real value.

All these factors must be taken into account simultaneously, since you must ensure coherence while designing a Marketing Strategy.

Imagine, you propose a “Profitability Strategy” (check the “Marketing Strategy” page) by powering your brand name, increasing the prices, while there are numerous alternatives within the market that are much cheaper:

  • You would fail miserably.

We’ll follow with the McDonald’s example, focusing now on their price policies:

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