The 4Ps of Marketing
Using the 4Ps of marketing, with James Manktelow & Amy Carlson.
James Manktelow: Hello. I'm James Manktelow, CEO of MindTools.com, home to hundreds of free career-boosting tools and resources.
Amy Carlson: And I'm Amy Carlson from Mind Tools.
What is marketing?
A common definition is: Putting the right product, in the right place, at the right price, at the right time.
Sounds simple, right? Well, not always.
There are so many things that you need to consider when you're marketing a product or service.
And, if you get just one element wrong, it can spell disaster for your marketing campaign.
JM: This is where the 4Ps of Marketing are useful.
The Ps stand for product, place, price, and promotion.
You use the approach by answering some key questions in each of these areas.
Put simply, this helps you to kick-start your marketing planning, and helps you make sure that you haven't overlooked anything important before you begin marketing your product.
AC: To show you how effective the four Ps can be, let's imagine that we want to market a new lamp.
The lamp is special because it mimics the warmth and light quality of the sun.
We'd start by asking key questions about the first P, on the product itself. One important question is, what do our customers want from this lamp?
That answer could be that they want warm, natural light, especially on dark winter days.
You could also ask how it differs from competing products.
Our lamp is of higher quality than other lamps on the market, and looks closer to the natural light of the sun.
JM: So let's look at the next P, which is place.
Where would buyers look for this lamp? Will it be stocked in a store, sold by sales reps, or sold exclusively online?
The next P is price.
Will customers think that the lamp is good value? Is your target customer price sensitive? How will the price of your lamp compare with other lamps on the market?
AC: The last P is Promotion. This is where you'll define when and where you'll be getting your message to your customers, and how, exactly, you'll be delivering that message.
So, what's the best way to market your innovative sun lamp to customers? One question that you need to ask is about timing.
For our lamp, the best time to market it would probably be in the fall and winter, when everyone is craving light and sunshine.
As we mentioned before, there are many questions that fall under each of the four P elements. So the tool really helps you define what you want to say, and how you want to say it, to your customers.
JM: Overall, the four Ps is a useful starting point for building a marketing campaign.
You can find out more about the four Ps, and the questions to ask for each of them, in the article that accompanies this video.