Os 4 Ps of Marketing, also known as Marketing Mix ou Marketing Composite, are the basic 4 elements that make up any marketing strategy to reach an audience: Price, Square, Product e Promotion.
The Marketing Mix concept was created by the teacher Jerome McCarthy in his book "Basic Marketing", Released in 1960. The method gained in the following years with Philip Kotler. As the name already says, these are the fundamental marketing definitions that a company must make to achieve a certain target AudienceFrom the positioning chosen.
The construction of the 4 Ps of Marketing, or Marketing Mix, is relatively simple. But it must be supported by a deep knowledge of the market in which it is acting. For example, a neighborhood of alternative culture in Rio is totally different from São Paulo and so on. Before showing a case, let's take a closer look at the definitions:
Refers to how much and how it will be charged to the customer. In this regard, the product can be cheap or luxury. It can be charged once or monthly. Among other strategies such as psychological price, pay as much as you want, auctions, etc.
Usually the price is assigned to a company's financial strategy, but it is not the case. It is clear that the sale of the product must be profitable, but it is the cost element of the company that needs to follow the price defined by marketing, Not the other way around. Imagine, for example, a hamburger with a high cost structure. If she puts the price at $ 200 to pay the bills, she will probably sell 0 units because she will lose all the customers to the competition.
The most important thing about pricing is knowing that its volatility is directly linked to market positioning. A company that intends to have a position similar to that of the competition, has its price defined by the market itself. A company that can differentiate ends up having a more elastic price strategy.
Returning to the example above, the hamburger. Think of an establishment that hires a renowned French chef to make their hamburgers. Maybe she can charge $ 200.
A square refers to the contact points of the target Audience with the product or service. The principal is the place where the sale will be made. In this case, it can be online or in physical stores. In many cases, it is interesting to think about using complementary services / product squares. For example, sell sports equipment at clubs or gyms.
The square also refers to media channels where the product will be exposed. Planning for this component of the marketing mix will be completely connected to the target audience. After all, what good is offering the product in places or channels where potential buyers are not? That is, before closing the strategy of the square, it is very important to understand part of the daily life of the public in question.
Within the concept of the marketing mix, the definition of product refers much more to intangible aspects than to technicians. There are some branding attributes that can be passed in the use experience of a product or service.
An important practice in product definition is to try to understand which audience-valued attributes are ignored by the competition. Without leaving aside the positioning chosen by the company. For example, the Nubank credit card managed to grow in a market only with great players with an experience of use according to the chosen audience.
The public in question is composed of Millenials, the generation that today possesses up to 30 years and handles very well with technology. The whole experience of the product was thought according to the demands of this public. Easy to understand rates and fees, easy to use application in which everything is solved, extract with friendly names and extremely personal and quality service.
All attributes of the product should be thought in terms of the marketing strategy. From the main functionalities to the packaging, including the delivery methods and deadlines.
A promotion refers to the entire scope of dissemination strategies used by the company. Not only the channels, but the communication that will be passed on to the target audience. The personality of the brand and the language that will be used are also very important points in the marketing plan.
Will the company in question have more or less serious communication? Optimistic or "ground-floor"? It will depend a lot on who you want to communicate with. A simple example that we define in LIGHT is not to use many terms in English in our communication. When we use it, we are always trying to explain them, so it is 100% accessible to any entrepreneur.
In terms of promotion channels, may involve digital marketing industrysuch as sponsored links, social networks, email marketing, etc. And offline strategies such as print ads, radio, television, among other possibilities.
The definition of the marketing compound is essential to strategic positioning the company and achieve impact the public right. Although it is simple, for many people it is still an abstract concept. So let's show a practical example with a well-known product of all of us: bottle water.
a) Water sold in traffic jams
Have you seen the above situation? So, this is the typical street vendor bottling scene. Let's see the 4 Ps of marketing applied to this market?
Target market: customers who are dead of thirst in traffic jams or football stadiums.
Product: mineral water with easy access.
Price: between R $ 2,00 and R $ 3,00 (depending on the competition among the street vendors).
Square: the biggest traffic jams and queues for establishments.
Promotion: the watermark is ignored. Promotion made by the street vendor screaming or holding posters.
b) Perrier water
The photo above is one of the Marketing campaign of Perrier. Let's go to their marketing mix?
Target market: segment of high consumption customers.
Product: the most naturally carbonated water in the world.
Price: between R $ 5,00 and R $ 15,00 (depending on the square)
Square: restaurants, markets and luxury nightclubs.
Promotion: advertisements with Dita Von Teese, burlesque dancer.
And, Who is right?
Both are right. The definition of Marketing Mix has to do with positioning within the market and with the harmony between all the elements. What the company can not do is deviate from its marketing strategies to obtain short-term income. For example, try to sell expensive products in places that devalue it. Or products for women with promotions for men, and so on!
This post has clarified how you can use the 4 Ps of Marketing Mix in your company? Meet the Mix Marketing Worksheet and start implementing the methodology in practice.