Join Drew Boyd for an in-depth discussion in this video Understanding the 4Ps model, part of Marketing Foundations.
Completing the STP process, segmentation, targeting, and positioning, gives you a clear idea of how you're going to compete, who you're going to target, and what you're going to say to the market to position your offering. Now, you have to bring that positioning to life, and you do that by creating and executing tactical marketing programs. In marketing, we use four types of tactical programs. Product and service, pricing, promotional communications, and distribution.
The last one, distribution, is sometimes referred to as place, because that's where we're deciding the places we need to put our product to get it to customers. Now, taken all together gives us product, price, promotion, and place. And you may recognize these as the famous four Ps of marketing. Let's review each one. By product and service programs, these refer to all of the aspects of how products and services perform their job in delivering benefits.
It includes things like the design of the product. How it feels to use it. The packaging of the product, and the people and processes involved in dealing with customers. It's not just how the product functions. But it includes the entire experience of buying and using it. That experience should be consistent with your positioning, and the brand promise. Pricing involves two things. Setting the actual price that customers will pay and communicating those prices in an effective way.
The price of your product or service implies their value that the consumer should expect from buying and using it. Promotion includes all the things you say outside of the company to the market. This is where you broadcast the value proposition and other information about the product. It includes, advertising, in-store promotions, email campaigns, social media, and sales promotions. And finally, distribution. These are the programs that create an effective pathway to get your product from the factory into the customer's hands.
Somebody has to take the product, ship it, store it, place it on the shelves, sell it, and possibly service it once the sale is made. All four Ps have to work together to convey the value proposition. No one of the four Ps can carry all the load. A good marketer uses all the tactical tools available to make the biggest impact possible.
You'll also learn to address tactical challenges and present the plan to get buy-in throughout an organization, from the C-suite to the sales team, as well as use the marketing plan to guide outside agencies and vendors. Finally, you'll learn how to launch the campaign and measure its performance.
- Marketing in an organization
- Assembling the team
- Creating the marketing plan
- Analyzing your products, customers, and market
- Segmenting customers
- Creating a value proposition
- Developing a strategy
- Setting goals
- Setting prices
- Using social media
- Presenting your plan to leadership
- Budgeting your plan
- Measuring success