The 4 P's of marketing are the four most important aspects of a marketing strategy for a product. These are interrelated to each other and dependently impact the marketing of a product in different ways. They include what the customers want, how the service is in terms of fulfilling their purpose, how they stand out in the world, and how they interact with their customers.
E. Jerome McCarthy, a marketing professor at Michigan State University came up with the idea of the 4 P's of marketing.
"The creation of a product or any service is the first step in marketing."
Product refers to a service a company has to offer. The lifecycle of a product determines how a product will do in the open market. The type of product also determines how to promote it, update it, or sell it in the market.
This is the cost a user pays for the service. This is set up considering the product's manufacturing costs and real value in the market. The occasional discounts and offers are also to be kept in mind. This decides a company's survival and profit in the market.
This refers to the advertising and social marketing of a product. This is a process to increase sales and attract customers. It relates to how did the user find about the service or what strategies are implemented in order to get more customers on board.
This refers to a domain to which a product should be sold onto. Different products require different platforms to create attention to their services. A clothing brand can advertise the products on shopping applications available today.
So, how can you use the 4 P's of marketing?
You can use it to evaluate your current marketing strategy. This model can be used when strategising a new product, or changing the product according to sales and the target audience.
These help in making you stand out in between the competitors. Everyone likes a unique attribute and something that resonates with the user. The 4P's can help leverage your product in this situation.