In this writing, we are going to talk about one of the most important methodologies that many of our readers have heard about; What is the 4P and what does it consist of.

What is 4P?

We talked about digital marketing and marketing in our earlier writings. Today we dwell on What is 4P in Marketing. 4P is a term in marketing that holds an important place. It was developed by Philip Kotler, who is known as “The father of marketing”, and has gained a very important place in literature.

4P stands for:

  • Product
  • Price
  • Place
  • Promotion takes its place in literature.

The Answer for What is 4P in Marketing  should come from necessary steps for marketing

Who is Philip Kotler that Mentioned along with 4P?

He was chosen by the Financial Times as the 4th important guru (an important person of a job, master) of all times after Jack Welch, Bill Gates and Peter Drucker.

Also, he has been announced as the world’s leading expert on the strategic implementation of marketing by the “European Management Center” and has been recognized as the most important pioneer of digital marketing

Product

The first thing that comes to mind to the question of what is 4P would be the product. For marketing, at first we have to have something to market in our hands. That’s why product is the first of this term.

Good + Service = Product

The product we will marketm must be something tangible or intangible. So, we can sell or market not only goods but services too.

Here, for “Good”, as an example of a wood being a table after certain stages; For “Service”, we can consider a patient to become a healed individual after certain operations.

To give a more concrete example,

  • A price of pizza can be different in different shops (Good)
  • Physical examination fees can be different in different hospitals while given as a service (Service)

Price

Since now we have a product to market, a price should be given to it according to the marketing area and when entering the market without a doubt one of the most important criterias for customers would be this. We have to determine the price together with the features of the product we have and the service we provide for it. While determining the price, we should attract our target audience with the product features and the price range drawn by our competitors for similar products, considering the wide circle in the market.

When we think about the duo, price and product, one of the things that comes to mind without a doubt would be “quality”. Is the expensive product quality product, cheap product poor quality product?

The price doesn’t determine quality. Actually the customer happiness and the feedback we take according to it determine the quality and the price. What determines customer satisfaction is the features of our product and the service we provide for it.

One of our main purposes when pricing is to establish the balance between supply and demand, that is, to find the price that the supplier and the demander agreed upon.

Place

Now we have a product and its price. Next thing to do is find our users, our customers. But how do we find them? Our main purpose here is to distribute, move to the right place at the right time, our product. We need to ensure that the users can find our product easily with the system and supply we will establish. The thing that we shouldn’t forget here is; Even though our product and price is great if we don’t make it easily accessible for the customer we will become unsuccessful in the marketing area. Our customers will naturally move to other alternative products.

Let’s make sense of this with the words of Peter Drucker, Austrian author, speaker, consultant, lecturer and management scientist “The biggest change will not be in new production or consumption methods, but in distribution channels.”

Promotion

We need to ensure the permanence of the products that we price and deliver correctly, and that our customers are aware of them. How well is our product that is produced perfectly, has an attractive price and responds to the needs in the right place at the right time known by our target audience. If our product wasn’t advertised and heard enough our successes in the sales graph aren’t continuous. However, it is inevitable that we have followed a strategy that could end in failure.

We briefly examined the terms that should come to our mind when we say what is 4p.

Example of Marketing Mix 4P

Let’s imagine marketing a phone. Assuming that this phone has high technology and good performance, our product is ready.

We make pricing when we give this phone a range of 6-8 thousand liras in Turkey’s conditions. We have ensured that this phone is easily accessible for customers when it is sent to known technology stores and our brand’s own stores in the country where it will be sold. For “Promotion”, we have increased the awareness of our product by making its big launch before the product is released, and then giving advertisements on television and on the internet (especially internet advertisements given the current circumstances).

With this, we have simply listed the necessary steps in order to keep our product in the market.


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Deniz MEHTER