What are the 4 P's of Marketing? Product, Price, Point of sale and Promotion. Anyone who has studied marketing and/or advertising has heard of them. They are a basic concept that helps us classify the different elements of the marketing mix and better organize our strategies, so it is always a good idea to review them. But in this article we are going to go further, and as marketing has evolved, it has become necessary to update the 4 P model of marketing.
So let's see how these concepts can help us in our day to day as marketers. Do you want the best templates to create an effective step-by individual email list -step marketing plan? Download this free pack here. The 4 P's of marketing you must learn What are the 4 P's of marketing? The-4-Ps-of-Marketing Product The product (or service in your case) is the central axis around which the marketing campaigns revolve and that guides all our plans. Therefore, the first aspect to consider in marketing is product development. We can distinguish between three different levels: The essential product refers to the basic function of a product, that is, to the need it solves.
The real product includes other characteristics such as quality, brand or packaging. And lastly, the extended product includes other aspects that generate added value, such as the guarantee, after-sales technical service or financing possibilities. In short, all these aspects influence the perception of a product by consumers and must be taken into account by the marketing team. Price Price is one of the biggest purchasing determinants and our profits depend on it. In addition, it also has a great influence on the perception of a product or service. To set the correct price for a product, several key aspects must be taken into account: The manufacturing and distribution costs and the expected profit margin. How much consumers are willing to pay in exchange for the perceived benefit. The price of competing products.