When we say 4 P’s of Marketing, what do we mean? Before we jump onto the re-designing of the concept of 4 P’s, it is imperative to understand the concept of the 4 P’s of Marketing. So, what are these 4 P’s of Marketing?
- Product
- Price
- Place
- Promotion
Product: This P is essentially the actual product or service in offering, and how does this product or service cater to the needs of the end users. The product also, includes in addition to the product parameters like, warranties, guarantee & after sales support.
Pricing: This P is about setting an appropriate price for the product or service being offered. Many parameters have to be kept in mind when doing product pricing. Will the price justify customer satisfaction, if going for a premium pricing, is the product worth it? If, in future a discount is offered, will the pricing cover all costs even after discounts. This P is extensive and requires expertise.
Place: The third P place, refers to the channel (online or retail) by which the product is being sold. It also, refers to the audience to whom it is to be sold. Are we targeting adults or children, men or women, niche segment, middle class or the masses. The geographic and demographics play an important role in the sale of a product or service. For eg: One cannot be selling summer t-shirts in the arctic region.
Promotion: The last, but probably the most important P’s of marketing. Advertising, sales promotion, individual selling, publicity all come under the arena of promotion. Branding refers to the promotional strategies of promoting a product, service or a company
These P’s collectively, known as the “Marketing Mix” have been used by the marketing guru’s since the early 1960’s to launch a promotional campaign, launch new projects etc. But, with industry and working culture taking a sea-change, people’s perception has also changed over the years. And this is the best time to change and re-design these 4 P’s keeping the new age business in mind. Following the traditional method and these 4 P’s, suggested by Kotler, there always exists a time lag. However, modern digitization gives room for one to one interaction with the customers and a real time interaction with the end users, which in turn gives first hand information on how do they exactly feel about the product or service being offered, and how can the same be improved.
However, the digital medium has its own limitations and boundaries, but now is the time to reconsider the 4 P’s of Marketing. We have, come a long way as a community since 1960’s, when this concept was developed.
