Components of 4P Strategy in Marketing
The 4P concept in marketing is known as the marketing mix , or in Indonesian it is more familiar with the term marketing mix. As previously mentioned, this concept has been around for a long time in the world of marketing. It can be said that this 4P concept is the basis that a business, brand, or company must have.
In this section, we will review what components are in the marketing mix or 4P. Here are the strategies and things you need to pay attention to as a businessman in implementing the 4P strategy in marketing.
1. Product
The first component is the product, which is something you offer to the target market. The product can be goods, services, or other benefits that meet the needs and provide added value to consumers. It can be said that the product is one of the main components that must be present when running a business.
Therefore, make sure you already know the product special database that will be sold well. Know the superior features of the goods or services that you will offer to consumers. If you want to create a product, you should include features that can answer the needs of the target market .
You can also apply various strategies that can further highlight the advantages of the product. For example, packaging the product with attractive packaging, good design, prominent colors, and so on. Not only for goods, but also for service products that the company wants to sell.
2. Price
The next 4P component in marketing is price . Price is always an interesting thing when discussing a business and marketing strategy. Not infrequently, price is the first information that consumers want to know when looking at a product.
However, it does not mean that you should always give a cheap price for the product to be sold. Sometimes, the price of a product that is too cheap actually makes people suspicious and doubt the quality of the product. So determine the appropriate price and of course compete with competitors in the same industry.
Setting prices is not an easy task for a businessman. There are calculations that you need to consider, such as capital, raw material prices, and the profit you want to take. In addition, analysis of market conditions can also affect the process of determining product prices.
3. Place
The next component is place , which is where you will sell the products that will be offered to consumers. The concept of this place is diverse and can be adjusted to conditions and needs. You can sell products in large places such as shopping centers, or you can also sell them in small shops near your home.
Even as time goes by, you don't have to have a physical store to sell. Now there are many business people who rely on online stores alone in selling their products. There are also those who only use social media platforms to make transactions and sell their products.
You can take advantage of this technological advancement when you want to do business and sell products. You can have a physical and online store at the same time, if you feel both are needed. The combination of the two types of stores can boost business and sales even better.
4. Promotion
The last component in the marketing mix or 4P is promotion , which is product promotion. At first glance, promotion can only be interpreted as an offer that can attract as many consumers as possible. Such as providing low prices, discounts, product promotions, and the like.
However, if examined more broadly, this promotion requires a deeper strategy. Promotional activities can be said to be the core process of marketing, namely how you introduce and market products in the market. What marketing strategies should you do so that people are aware of the existence of the product until they make a purchase.
Just like other components in the 4Ps, you can also maximize the promotion component by utilizing technological advances. How?
Namely by implementing digital marketing strategies and using tools that are already widely available on the internet. You can utilize social media, digital advertising, and various other tools in the world of digital marketing . That way, you can reach a wider market without being limited by time and region.
The Importance of 4P Strategy in Marketing
The 4P strategy plays an important role that can help build and improve your business. Here are some benefits you can get from implementing the 4Ps in marketing.
Effective product introduction is the key to winning the attention and interest of consumers. By designing a product that meets customer needs and promoting it, you can create strong awareness in the market and build a foundation for product success.
The 4P marketing strategy can also help you manage the product life cycle well. From new product launches to renewals or discontinuations, each stage can be managed by paying attention to the four elements.
