The 4 Ps—Product, Price, Promotion, and Place—are a commonly used tool for defining a company’s marketing mix – the set of options used to determine how to bring a product to market successfully. Considering each of the 4 Ps is essential when strategizing how to position a new or existing product in the market so that it satisfies customer need, differentiates the brand, and drives competitive advantage.
What is 4Ps Marketing, and what are best practices, tools and templates for teams and organizations?
Definition of 4Ps Marketing
Description of 4Ps Marketing
A brief overview of some of the key considerations to make with each Marketing P is provided below.
Product: When developing a new product or testing an existing one, it must clearly meet the needs of customers so that they will have incentive to purchase it. Identifying its unique features, its ease of use, how it improves upon other similar products in the market, and its potential to strengthen the brand and differentiate it from competitors are just some of the factors that should be identified.
Price: Customers want to ensure they are getting the most value for their purchase. Pricing products too high can drive away cost-conscious customers, while pricing them too low can make them seem cheap. Consider the cost factors of a product across its lifecycle, from manufacturing to distribution, as well as competitor pricing and payment plans, just to name a few.
Promotion: Product promotion must be strategic, such that you are reaching the target customer via the most influential marketing channel at the right time – whether that is through online advertising, traditional advertising, social media, on television, etc. Figuring out where and how to communicate with potential customers about your product while factoring in market dynamics and competition must be done so that consumers gain awareness of your product offerings.
Place: Knowing where your target customers would likely shop for your products is key to determining the best place to sell them, whether online, in store, and/or in a catalog. This helps to identify what distribution channels are necessary to access, what sales force might be required, and what your competitors do so that you can gain advantage.
Tools & Templates
4 Ps Marketing is usually used as a simple model to communicate the state of the business or a product within presentations, reports, and other marketing and branding documents.
upBOARD's Online 4Ps Marketing Tools & Templates
Unlike most traditional 4Ps marketing techniques, upBOARD’s online 4 Ps marketing tools allow any team or organization to instantly begin working with our web templates and input forms. Our digital platform goes far beyond other software tools by including progress dashboards, data integration from existing documents or other SaaS software, elegant intuitive designs, and full access on any desktop or mobile device.
Learn more about upBOARD’s portfolio of other marketing best practice tools and templates including: Brand Identity Prism, Brand Pyramid, Closed Loop Customer Feedback, Content Marketing, Customer Journey Mapping, Environmental Scanning, Ethnographic Research, Four Ps, Market Sizing, Net Promoter Score, Personas, Positioning, Segmentation, Trend Mapping, Value Propositions