THE BEST MARKETING MIX 4 P’S MODEL DEFINITION AND EXAMPLES
Find below the best marketing mix 4 p’s model definition and examples. Learn about the product, price, place and promotion in marketing strategy. Brought to you by Mau, a Senior Marketing Strategist and consultant at eDigital.
THE BEST MARKETING MIX 4 P’S MODEL DEFINITION AND THE BEST EXAMPLES
You are not alone! and your cat’s 4ps do not help.
Thousands of marketers in fashion, food and alcohol, sports, food and other growing industries are looking for the best explanation of the 4 ps of the marketing mix model and some “easy to understand” examples.
Some of our best virtual assistants have researched this popular model for marketing strategy and discovered many marketers are looking for the meaning, examples and practicality of the 4 ps of marketing.
And, whether your customer service has not been that great or your brand is yet to meet your marketing objectives, having the best understanding of the famous marketing mix 4 p’s model is a great way to increase reach, boost leads, sales, profits and brand equity.
THE BEST MARKETING MIX: 4 P’S MODEL DEFINITION AND EXAMPLES
The 4 ps marketing mix model goes back to the book: “Basic Marketing: A Managerial Approach” written by E. Jerome McCarthy in 1960. The 4 ps concept for a marketing strategy is still valid today and used by thousands of marketers.
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What are the marketing 4 ps?
The 4 ps is a marketing mix model of four key factors for a successful marketing strategy.
The 4 ps of marketing are:
- Product: the exact product or service you offer. Examples: your iPhone, a Tesla Model Y electric car, your pillow, your bed, the healthy food you buy,
- Price: The price you want people to pay for your service or product. Examples of different pricing strategies include: Full prices, discounted prices, takeaway prices, delivered prices and member prices (when subscribed to a reward/loyalty program
- Place: the physical or web location your product or service is available and the places people want to find more information about your category or product/service. Examples of different place types for delivery or distributing your offering include physical stores, websites, online marketplaces (eBay, Amazon, Aliexpress, Google Shopping feeds), apps, phone orders,
- Promotion: the promotional activities you will launch to market your product or service. Examples include sales promotion, advertising, offers, discounts, rewards/loyalty programs, etc.
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The key objective of the 4 Ps is to help you:
- Increase leads and sales
- Increase profits
- Increase brand equity
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IS THERE A FIFTH P?
Yes, this marketing framework was further developed and includes now a fifth important “P”.
The fifth P of the marketing mix model is: PEOPLE
The people element refers to your customers and also the people in charge of delivering the brand experience or offering support to your customers: customer service representatives. This P will make your marketing strategy consider:
- What are your customers’ actual needs and wants?
- Setting targets and measuring your customer service levels so that you attract and keep loyal customers.
- Staff training so they have the skills to offer the best experience and meet customer expectations.
WHAT ABOUT THE 7 Ps OF MARKETING?
Yes, you are spot on! Marketing schools refreshed the marketing mix model and added an extra two key elements.
Process refers to the processes involved in delivering your products and services to the customer. It is also about being easy to do business with. Having the best process in place ensures that your organisation:
- Repeatedly deliver the same standard of service to your customers.
- Save time and money by increasing efficiency.
Physical evidence refers to everything your customers see when interacting with your business. This includes:
- The physical environment where you provide the product or service: store’s layout, interior design, fixtures and signage.
- How your staff dress and talk to customers.
- The smell of your premises.
The marketing mix 4 ps model is essential to creating a successful marketing plan.
Crafting your marketing strategy around the 4 ps, 5 ps or 7 ps will help you differentiate your business from the competition.
This way your products and services are set to be unique and special.
As said above, with the 4ps, 5ps or 7ps you will create marketing customers resonate with while increasing leads, sales, profits and brand equity.
? Funny note: your cat’s 4ps are actually 6 ps:
“Babe, Please be Present for Plenty of Private Playtime and Petting with you”
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MARKETING MIX: 4 P’S MODEL DEFINITION AND THE BEST EXAMPLES
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Mau is a certified Facebook, Google Ads, SEO specialist, keynote speaker and one of Australia’s top marketing influencers. Mau offers digital marketing strategy support & training. Mau‘s premium Digital Marketing Plan & Social Media Plan templates are used by thousands of marketers.
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