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The 4 Ps of marketing that you should know

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The 4 Ps of marketing that you should know

The 4 Ps of marketing are a basic concept for any marketer starting out in this field. But, even being one of the essential concepts of digital marketing teachings, we cannot stop there.The paradigm of the market, the user and the consumer has changed a lot since 1960, and although we must know these concepts, we also have to keep up to date and see how they have evolved in our recent history. In this article I want to talk to you about the 4 “Ps” and their evolutions, the 4 C and the 4 E. Will you uae mobile number format me?list_altIndex of contents
The 4 Ps of marketing
Evolution of the 4 P’s, the 4 C’s and, finally, the 4 E’s
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The 4 Ps of marketing
Product, price, point of sale and promotion. These are the four basic elements with which the American accounting professor E. Jerome McCarthy defined the concept of marketing in 1960. These four variables, known as “the 4 Ps of marketing”, have the ability to optimally explain how marketing works. in a comprehensive and complete way, which is related to the concept of the marketing mix .

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It is a very broad concept, since the product encompasses everything that is placed in a market for its acquisition and that, in some way, can satisfy a consumer’s need or desire. On the other hand, the product does not have to be something tangible, since it also encompasses ideas and values. But there is more!Horizontal CTA – Online inbound Betting Email List course
In any marketing strategy it is necessary to define the product as well as possible, so it can be very useful to answer the following questions:What do I sell?
What needs does my product satisfy?
What features does my product have? What are the benefits to be obtained from each of them?
What added value does my product provide?
Price: the difficult task of fixing the most suitable
The concept is very clear and simple: it is the amount of money that the consumer must pay to have access to the product or service. However, setting the right price, following marketing criteria, is one of the most complex and important issues in a campaign. In fact, it is undeniable that price is the first thing that the vast majority of consumers look at. Or not?To set an optimal price for our product, it is necessary, among other actions:

Conduct studies on how much consumers are willing to pay.
Comparatively study the prices set by the competition for the same or similar products.
Calculate very well the net benefits that we are going to obtain with each price.
Finding the right answer to questions such as:
What is the value of the product for the customer?
Are there standard prices established or strongly assumed by consumers for our product or for similar products?
If we lower the price of the product, will we really achieve a competitive advantage in the market?
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Point of sale: how are we going to distribute our product?
The point of sale or distribution is the process by which the product or service reaches our customer, who can be wholesale or final. It is a fundamental issue that will significantly influence our profit margin and consumer satisfaction.In the distribution there are multiple variables that must be analyzed exhaustively. Take note!

Promotion: the many ways to make it known
The promotion includes all those means, channels and techniques that will make our product known. With the emergence of the online universe, the possibilities for a good promotion are many, affordable for any budget and very different in concept and philosophy. Find yours!At present, to traditional media (outbound), such as billboards or advertisements on radio or television, we must add inbound marketing strategies . These are much kinder and less intrusive, based on elaborate and well-argued content and, above all, with added value for potential customers.In any case, it is necessary to assess all the possibilities and, finally, select which is the best way (usually it is a combination of several) to reach our target audience, studying aspects such as: age, population, sex, needs and habits . It is an important step, always keep it in mind!

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Evolution of the 4 P’s, the 4 C’s and, finally, the 4 E’s
The 4 Ps have evolved, adapting to the needs of the market. Thus, today we can stop talking only about product, price, point of sale and promotion, and substitute these terms for consumer, cost, convenience and communication.Consumer : what are your customer’s wishes? What about your needs? In this evolution we substitute the focus on the product to put it directly on the consumer.Cost : we substitute price for cost. Because what a product or service costs is not only reflected in its price: it is necessary to take into account all the costs from its manufacture until the product reaches the final consumer.
Convenience : Convenience is the substitute for place at the point of sale. Because when this P evolves, it not only stays where the product will be sold, but also in other aspects of the customer’s buying habits.
Communication : content marketing and social networks are key to reaching your audience and interacting with them in a digital space, where they feel comfortable
And these 4 Cs are evolving, in turn, at 4 E:Experience and emotion : the customer today no longer seeks only to satisfy his need with the item he buys. Today he wants to live an experience with your brand, from long before buying until long after buying.
Exchange : we speak of “exchange”, since, sometimes, there may not be a sale as such, but the client “pays” with their data or their time.
Anywhere : it is no longer sold only at a physical point of sale: the sale, today, can take place anywhere, from any channel: from an app, from the mobile web, following an email …
Evangelization : we speak of an evangelizer, but we could say fan. It’s about getting the customer to be so satisfied with your brand that they recommend you, talk about you, follow you to another level. How to get evangelizers? Attraction marketing or inbound marketing is one way to achieve this.
The adaptation of these “P” to “C” and “E”, progressively, respond to a change in the needs of the market and consumers. They must be constantly adapted and in fact it is likely that within a few years these concepts will change again.The 4 “P” of marketing is a concept that you should know because they are part of the history of digital marketing, but it is important that you bear in mind that these 4 pillars must always be based on the user and that is why they will change and adapting over time . We must be updated and focused on our audience. And you, where do you think the 4 “P” will go? Share it in the comments section!

 

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