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Peter Sumpton writer, tutor and mentor at Professional Academy
You've probably heard about the famous quartet of marketing – the classic 4Ps. Sure, some might expand it to seven, but let's stick to the basics for now: product, price, place, and promotion. Everyone emphasizes their importance, stressing how they're all intertwined. But what if we view these 4Ps as more than just standalone concepts. Let’s look at the 4Ps as a cycle and then it makes much more sense.
As we all know, there's no business unless you have a solution to somebody's problem. So, you've got this brilliant widget, the ultimate thingamajig that people absolutely need. Naturally, the first impulse is to start promoting it. But hold on – to whom? That's the crucial question. Do you know your target market inside out? And importantly, is your product or service tailor-made for them? If not, it's back to the drawing board.
What about the price point? So, I've got a problem, you've got the solution. Well, if you're not in my price point, if I don't see that value in terms of that problem being fixed for that monetary exchange, then I’m not going to buy.
Ok, you’ve got the right product, at a price buyers are willing pay but can they even get their hands on your product? This leads us to the third 'P' – place. Is your distribution strategy seamless for your audience? Are you tapping into the right channels – whether it's in-store, online, or through special delivery services? It's all about accessibility.
Now, it's showtime. You've nailed down your audience, your price, and your distribution channels. But guess what? Competitors are lurking around the corner. It's time to rev up your promotional efforts, staying ahead of the curve. This brings us back full circle to your product – how can you make it even better to stand out in the crowd?
Ah, the cycle continues. Enhancements, innovations, adjustments – it's an ongoing journey. You tweak your product, adjust your price points, fine-tune your distribution, and revamp your promotion tactics. Rinse and repeat.
At the heart of it all, remember why you embarked on this journey – to provide solutions to people's problems. Then, it's all about the cycle – constantly refining and elevating each aspect of the marketing mix: product, price, place, and promotion.
So, let’s embrace the loop – it's a never-ending adventure of creativity and evolution, spinning through the four Ps: product, price, place, promotion, round and round we go.
Learn More:
See Peter’s video on the cyclical nature of the 4Ps: https://youtu.be/U46Z-UClM6I?si=KNbV3JKa8pLAWRG1
Other Marketing Theory Blogs:
How Many Ps in the Marketing Mix?
The Dangers of Greenwashing Marketing’s 4Ps
Interested In Marketing? Professional Academy offers the full range of CIM Marketing Qualifications
