If you are new to marketing, or you are about to review your current marketing strategy, you may want to know more about the classic 4Ps model which has been a foundation of marketing strategies for decades. The world of digital marketing is changing fast. The 4Ps model in digital marketing will look different to ones outlined in a traditional marketing strategy. Even with the rise of digital and data-driven marketing, the 4Ps remain highly relevant. In this blog, we’ll explore the importance of the 4Ps in marketing, exactly what the model is and why it continues to be relevant in today’s digital, client-centric marketing environment.

What are the 4Ps of marketing?

The 4Ps of marketing are:

1. Product. This is about what it is your clients want or need to buy.
2. Price. The value you place on your product or service; how much you think people will pay for it.
3. Place. Where you will sell your product or service.
4. Promotion. Covers the entire media strategy for introducing a product or service, including advertising, public relations and more.

The 4 Ps work together as a strategic framework for bringing a product or service to market.

Though there is much more to an effective marketing strategy than simply using the 4 Ps.

Product: What are you selling?

You may be wondering why ‘product’ would even be mentioned, let alone a pillar in its own right. Of course, there’ll be a product (or service) to promote – you can’t market nothing, right? The product pillar is the first of the 4Ps for good reason. Whatever you’re selling needs careful consideration at the product development stage. You’ll need to think about its design and features, using client feedback and research to shape them. For products, you may think packaging and physical features, whereas with digital products or services, you will need to shape the way they are presented online.  

Your focus needs to be on how your product or service will answer clients’ needs – how it will evoke the emotions you are hoping it will in your prospective clients.

Price: How much does it cost and why?

Getting the price right is vital for success. How you price your product or service will affect perception of it. For example, if you price it incredulously low, prospects may wonder what’s wrong with it. Whereas, if it’s priced higher, you are positioning it as a premium product, reflecting its quality and your commitment to sustainable and ethical sourcing, for example.

There are several strategies you can use to calculate what you should charge. They include cost plus – the simplest of strategies where you establish the overall cost of a product or service, then add a markup. And value-based pricing where you set prices based on the value consumers believe they’ll get from the product or service and how much they will be prepared to pay. And competitive pricing where you base your prices on what your competitors are charging.

Whatever strategies (or combination of strategies) you use, it’s important to remember that in today’s digital world, not all remain as effective as they once might have been. For example, cost plus still works perfectly well while modern access to a greater variety of products means competing on price is a fool’s errand.

Place: Where is the product or service available?

Distribution channels matter. It’s vital to use the most appropriate sales vehicle (or vehicles) for your product or service – physical retail, online stores and marketplaces or a mix of these.

Client expectations have evolved around accessibility, convenience and delivery speed, which will naturally significantly influence your decision-making about where a product or service should be available. With expectations higher than ever before, a product's availability needs to cater to modern consumers who demand a seamless shopping experience.

So, think online platforms for instant purchases, physical stores with convenient locations, and fast delivery services that meet the urgency of consumer needs.

Accessibility and convenience are essential for creating a positive client experience that fosters brand loyalty.

Promotion: How will people hear about it?

There is an ever-evolving broad mix of promotional tactics. These include advertising, PR, email, content marketing, social media and influencer marketing.

The importance of aligning messaging with target audience and brand values cannot be overstated. To message effectively, you will need a deep understanding of your target audience’s preferences, behaviours, and values. And you’ll need to align your brand communication with these. This way you will foster trust and resonance, both crucial for engagement and loyalty.

Are the 4Ps still relevant in modern marketing?

While marketing has changed at a rate of knots, the 4Ps remain relevant as a foundational marketing framework. They have evolved in application. For example, there are different products and services available that there wasn’t a need for before – like digital products. And social media promotion has taken marketing to an entirely new level. And you can now even make use of global pricing models, with easy access to pricing information on other similar products or services available worldwide.

How businesses can apply the 4Ps today

When implementing the 4Ps to review your current marketing strategy, ask yourself questions under each pillar to assess your current approach and make improvements. For example:

• When looking at your product or service, what is its purpose? How will it help consumers? Add value to their lives?
• When calculating suitable pricing, how will consumers perceive certain costs for your product or service? Or brand? High end? Good value? Or too good to be true? How do the prices you’re considering sit with competitive products? Global products?
• When it comes to where to distribute your product or service – place – is it more suited to being purely online? Will prospective clients want to be able to view it before buying? So, will you need physical premises? What will your delivery terms be?
• The most suitable promotion channels for your products or services will become clearer if you consider your target audience. Who are they? Where will you reach them? And when? And, of course, how?

With the marketing mix explained, we hope you get the most from your marketing mix relevance and targeted messaging. The 4Ps is a flexible, foundational framework. Why not seize the moment and revisit your own marketing strategy, with the 4Ps in mind? Get in touch if you’d like any help with your marketing strategy.