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The Four Ps Marketing Mix Model describes the four elements (Product, Price, Promotion and Place) that best capture the distinctive selling points of the product or service that the organization is offering. These elements can then be used to develop a marketing strategy for the product or service that best fits the needs of your clients. More specifically, this model is useful because it allows your marketing team to easily see what elements of the “marketing mix” should be highlighted as the product or service is put on the market.
Description of Four Ps Marketing Mix Model
The Ps in the Four Ps Marketing Mix Model stand for Product, Price, Promotion and Place. These elements are sequential, meaning the information from the previous one influences the manner in which the following element should be considered. Therefore, it is advisable to think through the elements in the order presented. Each of these elements is briefly discussed below:
Product: Regardless of whether it is a material good or intangible service, every individual in the organization, especially those on the marketing team, need to have a thorough understanding of what product or service the organization sells. The good or service should be something that is desirable to customers and fulfills a basic need.
Price: After all relevant parties have developed a complete understanding of the product or service being sold, the organization can determine its cost. Price needs to be thought about very carefully as the cost of the product or service has important implications for the organization. More specifically, cost determines where the product or service is placed in the market (i.e., whether it is considered a high or low quality brand), how much profit the organization will accrue, how desired the product or service is to the customers, as well as the strategy used to advertise it.
Promotion: Promotion is mainly concerned with the manner in which information about the product or service is relayed to the client. Information can be disseminated through paper or media advertisements, social media websites, through email, etc. Notably, for whatever outlet(s) is (are) selected, particular focus should be given to how to distinguish your organization’s products from its competitors or what is particularly valuable about the product or service. If this information is not prominently featured, the amount of profit attained from the good or service will be limited.
Place: Determine the proper location (e.g., in-person, online, etc.) to acquire as many customers as possible. In particular, once the marketing team has decided what information about the product or service will be disseminated, careful attention must be placed on determining the proper outlet that will best engage potential clientele. Additionally, when thinking about this element, contemplate the best mechanism for actually delivering the product or service to the customer once they have decided to purchase it.
Tools & Templates
Four Ps Marketing Mix Model is often used as a standalone tool to determine the ideal marketing strategy for a good or service. However, some useful tools for thoroughly thinking through each of the above elements are core competence analysis or SWOT analysis.
Praxie's Online Four Ps Marketing Mix Model Tools & Templates
Unlike most traditional Four Ps Marketing Mix Model techniques, Praxie’s online Four Ps Marketing Mix Model collaboration tools allow any team or organization to instantly begin working with our web templates and input forms. Our digital platform goes far beyond other software tools by including progress dashboards, data integration from existing documents or other SaaS software, elegant intuitive designs, and full access on any desktop or mobile device.