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The four P’s are a basic foundation of marketing today. They’ve always been a part of marketing.
What is your product? How does it look? What is its quality? Think about the packaging and all the different elements of that product. This includes the features and the benefits of that product. If you carefully think about features and benefits, you can build a product that is differentiated.
Price is becoming increasingly important and, in many of the industries, we’re seeing a race to the bottom. You don’t necessarily have to be the cheapest. If your brand allows you to do so, you can charge a premium for your products.
Think about when you go to the supermarket, and you see the same product, but different brands. And some are very cheap. Maybe a supermarket-owned brand basic product for cornflakes. But then you see Kellogg’s. Kellogg’s can charge a premium because they say, and consumers believe and experience that it’s a better quality of cornflake. And that allows them to charge that brand premium.
Place is no longer just about physical place. It’s about being in the right place at the right time for your target customer. It’s the physical location of the store, but it’s also about market coverage. It’s about the logistics behind being able to be in the right place at the right time.
This involves how you promote your product and your brand. You do this through advertising, through PR, through the different traditional media channels.Back to Top
John Makin-Shaw is the Head of Marketing at Aioi Nissay Dowa Insurance. For over 15 years he has been designing, launching, and managing customer propositions for some of the UK’s biggest brands.
Data protection regulations affect almost all aspects of digital marketing. Therefore, DMI has produced a short course on GDPR for all of our students. If you wish to learn more about GDPR, you can do so here:
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ABOUT THIS DIGITAL MARKETING MODULE
This module introduces fundamental marketing principles and tools including the value proposition, the classic marketing mix, market research, the customer journey, communications planning, creative planning, media strategy, and amplifying brand performance. By referring to current and recent examples, it illustrates how digital technology and changing consumer behavior and lifestyles are altering the consumer decision-making process and disrupting traditional marketing models and strategies.
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