Anyone that has even mildly read up on marketing has probably heard of the marketing mix – the 4P’s (Price, Product, Promotion, Place) that are used to determine a marketing strategy. As businesses are facing an ever-changing digitized world, an important question to ask is: Are those concepts still valid?
The 4 P’s of Marketing
To briefly elaborate on this age-old concept, these are the four main concerns of a business when it is trying to design and implement a marketing strategy. They have been chosen carefully because they can easily be changed according to the vision, mission, and target of a business. The concept holds that to market anything, these 4 things must be taken into consideration. They are as follows:
- Price – the price paid by a consumer in exchange for the product.
- Promotion – any marketing done by the business to attract customers (ads, promotional events, etc.)
- Product – the goods or services that the consumer pays money for.
- Place – the location that the consumer can find the product.
Examples of 4P in Today’s Market
If we are to consider the most modern of businesses, we could choose a website as an example. Should a webmaster choose to market their website, they would still need to consider a market strategy. Inevitably, they would need to consider the 4P’s. Working our way backward, let’s consider them:
The place can be translated as a location over the internet, as opposed to a physical location. The promotion has switched from older forms of media to social media and other internet marketing. The same principles hold, they have only switched over to the internet.
The product depends on the website, it could be an informational website, online shopping, or even a service that users can receive by visiting the website.
The price could be the price for subscriptions, the products’ prices, or the services’. You may be wondering about the instance when the website is free? Nothing on the internet is free. People pay for their website to be on the internet, and they get money by advertising on their websites. In other words, the internet has a lot of websites marketing through each other.
Social Media Marketing and The 4P’s
We’ve already established that the internet is an intermingling of websites marketing through each other, their consumers being the billions of users around the globe. Recent trends show there are individuals that market themselves, or their personal brand over the internet; influencers are a great example. They too, follow the same marketing mix – they must consider which platform to use (place), what products to sell, how to promote themselves, and the price of the products they endorse.
There is a reason that the 4P marketing mix concept has lasted for decades. It simply works. The concepts apply to all areas that require marketing, in the modern world and in the traditional sense. If you’re thinking of marketing your business, your organization, yourself, or anything at all – you need a deep understanding of the marketing mix.