Last updated on January 21st, 2024 at 08:23 pm
Understanding the 4 PS of marketing is very necessary in the world of the business sector. Everyone is trying to grab the attention of the people. product or services need to stand out like a signing star. This is where the 4 PS of marketing comes in. Similarly, they are like magic tools that can make your product and services memorable as well as special.
In this blog, we will discuss the 4 PS of marketing as well as we will discuss supportive Components of the marketing mix in brief. Let’s get started.
What Are the 4 PS of Marketing?
The four fundamental elements, commonly known as the 4 PS, play a crucial role in the strategic planning and effective promotion of products or services. The 4 PS of marketing mix cover product, price, promotion, and place.
The 4 PS of marketing is also known as the marketing mix which includes product mix, price mix, promotion mix, and place or distribution mix. They include what customers like, how well the product or service meets their needs, how people see it, how it’s different from others, and how the business connects with buyers.
Originating in the 1950s, the 4 PS has been a cornerstone in marketing strategy. Over time, additional elements, such as people, processes, and physical evidence, have been recognized as contributing to a comprehensive marketing framework.
The 4 PS of the marketing mix
1. Product
The product mix includes the following components :
i. Product planning and development
The product mix includes product planning and development components. It is one of the important components of the 4 PS of marketing. Planning the product and start developing the product comes under it.
ii. product varieties, lines, and items to produce
In the same way, after product planning and development, it is necessary to set product lines, varieties, and items to produce. For successful marketing, it is necessary to make product varieties, lines, and items to produce.
iii. Determining designs like shape size, color, and look
Similarly, After making the product lines, varieties, and items to produce it is necessary to determine the designs of the product like shape, size, color, and so on. Determining the designs is the most essential element of the product mix while producing the product.
iv. Determining name packaging style, brand
In the product mix, after determining the designs it is necessary to determine the name as well as packaging style and brand. Determining a good name, suitable packaging style and brand is essential for the product mix.
v. Product warranties and guarantees
In the same way, after producing the product, it is also very necessary to determine the product warranties and guarantees. Determining the product warranties and guarantees is based on the product type.
2. Price
The price mix includes the following components:
i. Determining the price list of the product
The main component of the price mix is determining the price list of the product. After producing the product it is necessary to determine the suitable and best price list of the product which is very necessary for the successful marketing mix.
ii. Discounts and allowances
Discounts and allowances are also important components of the price mix. Discount is generally given to the customers and allowances are given to the dealers, suppliers, and so on. For making a successful marketing mix it is necessary to determine the most suitable discounts and allowances for the product.
iii. Deciding per unit selling price
In the same way, deciding the per unit selling piece is also the main component of the price mix. It is necessary to determine the pre-unit selling price according to the goal of the business such as profit-oriented, sales-oriented, and so on.
iv. Providing credit or not
In the same way, after deciding the per-unit selling price, it is necessary to decide whether to provide the credit service or not. In the context of under-developing and developing countries, credit facilities are given according to the product type.
v. Terms and conditions of credit
In the same way, another important component of the price mix is the terms and conditions of credit. It is necessary to make suitable terms and conditions for credit facilities to ensure the fulfillment of both producers and dealers or wholesalers.
vi. The payment period time
It is necessary to determine the payment period of the time. To make a better relationship with the dealers or suppliers it is necessary to determine a suitable payment period.
3. Promotion
The promotion mix includes the following components:
i. Advertisement
Advertisement is an important component of the promotion mix. Advertisement helps to communicate products or services to customers. Running a good advertisement leads to an increase in sales. So, advertisement plays an important role in the 4 PS of marketing.
ii. Personal selling
Personalizing selling is another way to make people aware, and motivate them to buy the product. Similarly, personal selling is also an important component of the promotion mix. Effective personal selling leads to an increase in sales.
iii. Sales promotion
Sales promotion is necessary to increase the sales of the product. sales promotion is the set of activities that are used to increase the sales of the product or services. So, sales promotion is the essential component of the four PS of marketing.
iv. publicity
Publicity also helps to increase the goodwill of the brand and also leads to an increase in sales of the product or services. Publicity is very necessary for the promotion mix because it helps to attract potential customers and helps to increase brand awareness.
v. Public relation
Public relations is the most important component of the promotion mix. Making a good relationship with the public will help the brand to survive in society in the long term. Public relations includes participating in public programs, controlling environmental pollution, and so on.
4. Place or distribution
The place or distribution mix includes the following components:
i. Distribution channel
It is very important to choose the best as well as suitable distribution channel. The distribution channel helps to transfer products from the producer to the final consumer. It is a very essential component of the 4 PS of marketing because it is how a product reaches the final consumer.
ii. Transportation
Transportation plays a very important role in the marketing mix. It is the main component of the place mix. It is necessary to find a good transportation system or way according to the product type. Transportation can be done through the air, rail, road, water, and so on.
iii. Warehousing/ store
To maintain the supply of the product in the market it is necessary to arrange the warehouse or store. The warehouse helps to maintain the regular supply of the product in the market. This will help to increase the market share as well as lead to an increase in regular sales.
iv. Inventory control
Inventory control is an essential element in the marketing mix. It includes managing and optimizing the storage and availability of the products to ensure that the right product is in the right place at the right time. It helps to meet customer demand as well as minimize the cost.
v. Order processing
In the same way, Order processing is another essential component of the place mix. Order processing refers to the set of activities involved in receiving, verifying, and fulfilling customer orders.
vi. Customer service
Customer service is essential for any business. Customer care includes the selection of an appropriate location, responsive communication, improvement, feedback, and so on. It plays a very important role in the marketing mix.
vii. Service to dealers, wholesalers, retailers, etc
In the same way, It is necessary to provide good services to dealers, wholesalers, retailers, and so on. This will help to motivate them to sell more products. If we give good service to dealers or wholesalers it will automatically help to increase in sales of our product.
Supportive components of the marketing mix
Some schoolers added other important components of the marketing mix which is essential to achieve the organizational objective. Booms and Binter suggest three components as an additional 7 PS of the marketing mix.
1. People mix
People mix is an essential element of marketing. It includes the selection of the right employees in the right place. It focuses on providing better service to customers. This component includes improvement in the behavior and psychology of the employees. It focuses on the positive influence of employees on customers.
2. Physical evidence mix
The physical evidence mix is an essential component of the marketing mix. It includes a good entrance, existing as well as comfortable surroundings. It focuses on good decoration, furnishing, good looking office, as well as a healthy environment helps to achieve the organization’s objective.
3. Process mix
Process mix includes making the working system more effective and efficient. It includes the use of advanced technology and a smart working system as well as fast response. It involves the all techniques which are used to increase the satisfaction level of customers.
You may also like to ask
The 4 PS provide a structured framework for businesses to make a comprehensive marketing strategy. They facilitate the alignment of many parts of the business to efficiently satisfy consumer needs, differentiate from competitors, and improve sales.
Yes, the 4PS are interconnected. They work together to provide a compelling value proposition and shape the overall consumer experience.
In this digital age, the 4 Ps of marketing remain relevant but may require some adjustments. For example, Place can be involved in optimizing the digital distribution channels and promotion can leverage digital advertising and social media promotion.
Yes, the 4PS can be applied to both products and services. The principles of product development, pricing, distribution, and promotion are adaptable while some specifics might vary.
To effectively apply the 4PS, first understand your target audience, competitors, and market trends. Customize each aspect for compatibility with your target audience, develop a compelling value proposition, and continuously assess and change your strategy depending on the results.
Conclusion
The marketing mix is essential for any business to achieve its objectives. Above we discussed the 4 PS of marketing which includes the product, price, promotion, and place. Additionally, we also discussed additional 3 components i.e. people, physical evidence, and process of the marketing mix which are necessary to achieve the organizational objectives.
By utilizing these 7 PS of the marketing mix, organizations can achieve their desired goals or objectives. By continuously refining as well as adapting these elements, businesses can stay ahead and responsive in a changing marketplace, increase profit, growth, and enduring customer relationships.
