The Four P’s Model

Neil Borden introduced the term “Marketing Mix” which refers to the promotion of a product based on the unique selling points that make it stand out from similar products available on the market.

Jerome McCarthy evolved Borden’s model and came up with the concept of “The Four P’s”. Moreover, internet marketing services worldwide use this principle to define their brand when using internet marketing services.

Let’s have a look at the model in detail.

Product
Researching a product extensively is crucial to meeting the needs of your customers. From food services to travel packages, a seller must be aware of what they are retailing or offering to understand its unique selling points. It is important to monitor how well a product is selling and keep track of the feedback clients are giving. Improving the quality of your product will only help market your business.

Price
After gaining the required knowledge about a product, the next thing to consider is the pricing structure. Begin by comparing the price you wish to offer for your product to your competitors charge and the features they offer. Asses if your business has a product with greater value for an affordable price. Afterwards, you will be able to determine the profit margins, market demand, supply, and appropriate strategy for its marketing.

Promotion
Once you have priced your product, you may begin to promote it. Advertising, public relations, social media marketing, search engine optimization, video marketing, and email marketing are all ways to promote the product. Therefore, you can enhance your ROI if you support every point of contact between a buyer and a seller with a well-positioned brand.

Place
Products should be promoted at the perfect time and at the right place for the most effective marketing. It is crucial that you take into consideration the location of your product and business for maximum conversions.  Companies that provide internet marketing services take into consideration that prospective customers will ultimately search for products online. Therefore, the demand for internet marketing services and social media services are increasing.

Usage of Four Ps of Marketing

-Know the expectation of your consumers and whether your product or service will be able to meet those expectations.
-Realize that it is important to know how your product will meet your customer’s needs.
-Try to determine a location where prospective clients will search for your product or service.
-The perceived value of your products and services should be well understood.

Wrapping Up
Considering your product, price, promotion and place is crucial when building a business strategy. Therefore, it is of utmost importance that you maintain a proper balance of these four elements. This in turn will help you position your product or brand at a superior level in the marketplace.

Consider the Four P’s of Marketing when establishing your business and to create a remarkable customer experience through your products or services. In conclusion, an understanding of “The Four Ps Model” will help you enhance your business and offer better products.