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Why the Four Ps have stood the test of time

February 2022Fiona
4Ps of marketing

Marketing is an evolutionary process, constantly changing as businesses ebb and flow their way towards success. But sometimes people like to overcomplicate things… and yes sometimes those people work in agencies!

Actually, the best marketing is, at heart, pretty simple. It’s been more than 60 years since E Jerome McCarthy proposed the four Ps of marketing, but they remain more important than ever in creating and delivering an effective marketing strategy.

This approach focusses on how to get the right product in the right place at the right time at a price that generates enough profit to sustain it, with demand for the product generated through promotional activities.

But just because something is simple doesn’t mean it’s always easy to get right. Sometimes a slight shift in perspective is all that’s needed. So, here’s how we see those persistent Ps. 

Product

Where we focus less on the item itself (although that’s obviously important) and more on the need it meets or the problem it solves. What’s unique about it? What are the features and benefits for customers? How is the customer supported once the purchase has been made?

Why? Because this understanding will drive deeper engagement with customers.

Price

Consider the value of the product as well as its price. Both play a pivotal role in how you market your product because they influence how much demand you need to generate to operate profitably and how to position your offering. Your brand value has a huge influence on price.

Promotion

How will you communicate the value of your proposition to your audience to encourage them to buy from you? There are so many channels to choose from, working out which will give the strongest Return on Marketing Investment (ROMI) isn’t always straightforward…

We can help you create a marketing strategy that connects you with your audience across multiple channels including PR, marketing campaigns, and social media through to events and exhibitions.

Place

Where does your customer buy your product? In store, online (via your own website or a third party’s) or via a distributor. This information will influence which content, channels and promotional activities will work best for your business. It’s easy to get distracted by the latest marketing trend or technology but constantly referring back to the four Ps will help retain your focus and ensure your marketing activities deliver real results.

To find out more about the basic principles of marketing go to our Marketing Foundations page.

And for expert advice about developing your marketing strategy and support delivering marketing activities that really work, call FIG on 01457 857111 or email [email protected].   

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Call us on 01457 857111 or email [email protected]