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The 4 P's of Marketing

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The 4Ps of Marketing they were defined by Professor E. Jerome McCarthy in the 1960s. Neil Borden had developed a proposal for variables in the 1950s, but it was with McCarthy that the concept transcended. 

It is a basic concept for any marketer, known as the 4P because in English the name of each variable begins with the letter P. These variables are product, price, distribution and communication, let's see each of them:

In this Blog we will talk about the 4 P's of marketing. If you are dedicated to product marketing, this will surely interest you. Let us begin!

What are the 4Ps of marketing and how do they work?

It should be emphasized that these four variables, despite being independent, need to be complemented with coherence and fluidity in organizations.

1. Product:

The key element in any marketing campaign is the product, as all marketing activities revolve around it, the product is the protagonist of the four pillars of marketing and therefore in the customer's actions. 

The term “product” refers to a very broad concept, since it includes everything that is offered for sale in a market that has the potential to satisfy a consumer need or want in some other way.

Initially, the product was focused on innovation, but today it focuses on consumer needs and preferences, such as product presentation, brand, guarantees, image, service and customer sensitivity, among other aspects.

In any marketing strategy it is important to define our product and have guidelines such as what do I sell and what needs does my product cover? Does my product have an added value? Does my product have good features? Will my customers benefit from buying my product?

2. Price

The specialized definition of price is the expression of the value of a product or service, expressed in terms of money or other beneficial factors.

This value must be paid by the buyer to the seller, and thus you can enjoy all the advantages of owning or using the product or service as we have seen previously.

Some of the factors that surround the price variable are: discounts, incentives, payment terms, credit terms and delivery terms, among others.

Because it is the only income-generating variable, its study deserves special attention. It is a highly competitive, critical and complex variable that is of great importance in the marketing strategy of any organization.

To determine a fair price, many aspects must be taken into account, such as the market, costs, competition and, above all, the client with the final benefits. The conclusion customers reach after comparing the price they pay with the value they receive will determine whether the organization correctly priced the product.

3. Placement/ Distribution

Distribution dictates that the product must reach the customer in the specified quantity, in perfect condition, and at the specified time and place that meets the consumer's needs.

In the management of any business or company, distribution plays an important role. The challenge of making products available to customers at the right time and in the right place requires extreme coordination.

Some of the aspects that can determine the distribution balance in one way or another are: transportation, warehouses, intermediaries, points of sale, inventory, ordering process, etc.

The delivery will also depend on the resources we have, the specificities of the market, the characteristics of the product itself and, above all, the needs of the client.

4.Promotion/ Communication

Communication is the process by which the sender sends a message to the receiver and the receiver appropriates the information sent. This is a two-way process because the sender and receiver roles are swapped.

In the case of private marketing, the communication variant includes all the forms and means used to make your product known to your customers, with the aim of motivating them to acquire a good or service that is provided.

The channels that organizations use to promote their products have changed a lot over time, a change that has been especially highlighted with the advancement of new technologies.

In business, television and radio advertisements and billboards remain powerful mediums. However, there are currently new spaces for digital technologies. 

With the advent of the Internet and its development, almost "unlimited" possibilities opened up for targeted communication with customers. multichannel.

Among the digital communication channels that most appear in the marketing strategy of today's organizations are email, instant messaging applications and online chat.

The social network deserves a special mention, as digital media pay homage to the media variable. This is due to the high level of exposure and the opportunity to gain instant feedback from customers.

It is true that in recent years the use of mobile devices has been growing exponentially to browse the web, make inquiries and even search for products and make purchase decisions. 

The traditional forms are increasingly taking less space with the arrival of the digital world, the Mac Carthy theories have not lost their value, however, new variants have appeared in the mass marketing scenario with it.

 

These new marketing methods complement each other. Generating greater success than the old Marketing. 

Hence the importance of having a website that adapts to different devices, images are not distorted, videos are played properly and loading times are minimal. 

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