Marketing
4Ps of marketing (Kotler)
Philip Kotler introduced what is commonly known as the 4Ps of marketing: product, price, place and promotion.
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4Ps of marketing (Kotler) vs The 4Ps of marketing
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Marketing
The 4Ps of marketing
When launching a new product or service, you have to think carefully about a range of factors that will determine its attractiveness to consumers.
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Marketing and sales connect the customer's perspective with the organization's.
Plan how to take a new product or service to market.
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4Ps of marketing (Kotler)
- Spend most of the effort on Step 2: test alignment across the four variables. A strong product with the wrong channel, price or message is not a strong marketing mix.
- Step 1: Research. Gather evidence about customers, competitors, channels, economics and performance for every P. The aim is to understand what the target market values and how the current mix succeeds or fails to provide it.
- Step 2: Analyse the variables and determine the optimum mix. Test whether the four elements reinforce one another. Choose a combination that serves customers while supporting sustainable profitability, then make explicit decisions in each category.
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- Do not assume the organization can change every P freely. Regulation, economics, implementation lead time and the cost of hiring or training people can sharply restrict the available choices.
The 4Ps of marketing
- Base each choice on customer evidence, then test whether all four elements reinforce one segment, promise and position.
- Define the offer and target segment, gather evidence about their behaviour and work through each element. Then review the mix for internal consistency and test it with customers.
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- Do not let the checklist preserve assumptions from an old format or channel. Digital products and relationships may require a different mix, language or business model.
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