Four P’s of Marketing: Marketing Mix Components (2021)

Introduction

The four p’s of marketing, you might have heard a lot about these four p’s of marketing. So, what are the 4 p’s of marketing, or what is the 4 p’s of marketing definition? People who are related to the marketing field are well aware of the marketing mix meaning and concepts? Marketing strategy, altogether its diverse complexity, is often boiled right down to a couple of core principles. one among which is that the oft-cited ‘Four P’s of selling.

The questions come as well that what is the marketing mix and what are the 4 ps of the marketing mix? Marketing mix strategy is an old name of the 4 P’s of marketing. This answers the question of what is a marketing mix strategy? This was used in earlier days of marketing strategies. However, these are nothing but 4 P’s of marketing itself. 

Let’s dive into it to have a better understanding of what are the 4 ps of the marketing mix? The 4ps of marketing explain in a much broader and deep manner for understanding. 

1. Four P’s of Marketing
2. The new 4 parts of marketing mix for B2B
3. Importance of Four P’s 

1. Four P’s of Marketing

The marketing mix refers to the most common functions performed via the 4 P’s of marketing. Let’s understand what is 4ps? It is one of the famous concepts which deeply describes the marketing mix with the help of four-pillar which are product, price, place, and promotion. We will discuss the 4 p’s of marketing examples later in this article. In a nutshell of the 4 p marketing mix, stated below such as product, price, place, and promotion are directly applied to both B2B and B2C business. In short, what do the four p’s of marketing stand for, the answer is thee, product, place, and promotion? 

Now, we have to go into some definitions as to what is the 4 p’s of marketing definition? or what are the 4 ps of the marketing mix? Both questions have the same answer. Before that let’s understand what are the components of the marketing mix? The answer is that the components of the marketing mix are just these 4 p’s. These are only the 4 elements of the marketing mix which is also widely known as 4 P’s of marketing. The purpose of the marketing mix is basically to generate more sales which is again the main idea behind all marketing strategies. 

These 4 components of the marketing mix include product, price, place, and promotion. The concept of the marketing mix was 1960 introduced by McCarthy in one of his famous book named Basic Marketing. To explain the four p’s of marketing let have a look at the below points. 

Let’s discuss the 4 ps of the marketing mix or four ps of the marketing mix: 

Price

Sales in nothing but mostly price in negotiation standards with great returns. The market standards should in terms of price be set in a distinct way as the higher and lower prices can directly create doubt in the customer’s minds. If the price is cheap it doubts the quality and if the price is high it indicates some brand. It not only determines the monetary value of the sale, but it also sets expectations regarding quality, demand, and market position.

Following explain what are the 4 elements of the marketing mix?

Product

Though it refers to some physical and tangible product we are here to describe a product which can be or for that matter can be intangible. Simply put, it’s what a business sell. One of the 4ps of marketing examples is, a manufacturer may also offer servicing, insurance, or a warranty. These are service-based intangibles that augment the core product to form a package. It can also be a product such as a soft drink or beverage industry or any dress or clothing store. 

Place

This covers how is the product is sold. It sets expectations of when, where, and how does the item need to be sold. It serves or includes various The example of the four p’s marketing, for most of the brands we see in the market, is direct sales and promotion.

Promotion 

Promotion for that matter explains the way how does a brand communicates with the customer and sets standards into the market which covers all the entire sales and not just promoting to end-users. 

These were the 4 elements of the marketing mix. Now you might have a fair clarity on why is the marketing mix important? The above stated 4 components of the marketing mix are the major factors to generate sales. 

2. The new 4 parts of marketing mix for B2B

In this case, the adaptability of four P’s marketing mix is more on the modernized structure rather than the traditional way of handling it. The profit-making process which is also called return on investment is more likely to be considered in this process. This is the new marketing mix definition 4 p.  A perfect example of a marketing mix is related to the story of Motorola. The CMO implemented the save the model at Motorola with a marketing mix and modern marketing mix aimed at professional sales. These define 4 p’s of marketing in a newer version. The following is four p’s of marketing definition which is described in the detail. 

The latest version of the four p’s of marketing are: 

Solutions (Product) 

It is basically the solution that needs to be provided for the customer related to their concerns rather than focusing on the product. The principle of AIDA does not really work here, as there must be a direct channel of understanding customer problems and hearing them along with solving their concerns.  

Access (Place) 

With the help of this strategy, we can engage more with the customer rather than using a door-to-door process which was used in the traditional way with easy accessibly to the brand or product. This considers making an online platform, selling products and services on it, and getting the maximum value out of the medium.

Value (Price) 

It is more related to sales and getting more return on investment. We should always consider the less tangible product returns. The main objectives are very simple in context with the older standards of saving time and money. It also indulges in accessing the new market standards with understanding customer needs and wants. 

Education (Promotion) 

The modernized thinking is related to pushing messages, it is more about conversations happening and understanding the customer pain points. The terminology for this is content marketing which enables the function to simply tweet and promote products with understanding the marketing strategies along with understanding customer behavior. 

3. Importance  of Four P’s

To explain the four p’s of marketing mix creates great relevancy in both today’s and older marketing strategies. The main importance of the marketing mix is that it helps understand well the product and service which is to offer to the customer for sales. It also helps strategized in a better manner how to offer the product or service. It also helps a great deal in planning and implementing marketing strategies. 

This was a detailed explanation along with examples of what is four p’s of marketing.

Conclusion

Interested to learn all about Product Management from the best minds in the industry? Check out our Product Management Certificate. This 6-month-long program takes place online through live instructor-led sessions. It is the only program in India that offers the ‘Bring Your Own Product (BYOP)’ feature so that learners can build their product idea into a full-blown product, and go through an entire Product Development lifecycle. Not only this, but this is the only program in India with a curriculum that conforms to the 5i Framework. Post completion, learners receive a joint certification from the Indian Institute of Management, Indore, and Jigsaw Academy. 

Also Read

• What is a Pestel Analysis: An Overview