Nothing better than a practical example to better clarify or illustrate the ideas. Let’s look at some examples of the 4 Ps of one of the world’s best-known brands: Coca Cola.
- Product: A company of this caliber cannot focus on just one product. It has all kinds of drinks, from its Zero, Light or Normal varieties to its Fanta or Sprite soft drinks. It also has all kinds of containers: large, small, glass, cans … All this variety of product is Suriname Email List adjusted to the different needs of the client.
- Price: Coca Cola has a pricing strategy that is adjusted to the different countries where its product is consumed. Thus, the price of a Coca Cola is not the same in our country as, for example, in Australia. In addition, it must and does compete with its main rival, Pepsi, so it is common for them to adjust their prices based on how their competition does.
- Distribution: If we talk about point of sale Suriname Email List, we would have to talk about more than 200 countries around the world. The fact is that the company has a great presence at a global level and in almost all types of businesses: bars, supermarkets, hotels… In this sense, we must also highlight its presence in both physical stores and online stores.
- Promotion: Finally, the promotion part. How does Coca Cola do it? At the time, his television spots prevailed (surely if you remember you remember some of his great ads), which reach the consumer’s mind due to the concepts with which the brand works: happiness, joy, friendship … (An example: «the spark of life ‘). Now, Coca Cola does all kinds of online campaigns, without giving up, of course, video.
But the company goes further and focuses its promotion strategy on other types of aid campaigns for environmental and social causes. Sponsor sports events and teams, organize contests and cool actions, and always innovate so that your brand and your sales remain at the top. This has been the case for decades.
History and evolution of the 4 Ps of marketing Suriname Email List
When talking about the 4 Ps of marketing, it is also interesting to know where the concept comes from. Initially, these four elements (product, price, point of sale and promotion) served the American accounting professor, E. Jerome McCarthy, to define the concept of marketing back in 1960. His marketing mix included the 4 Ps mentioned above.
Already in the seventies the model was updated and Booms & Bitner added 3 new Ps to the group of the original 4 Ps, in their book Marketing Strategies and Organization Structures for Service Firms:
People: The company’s team of collaborators is an essential part of the sales process, even if they are not in the first line of contact with customers.
Processes: Develop clear sales processes in relation to the way the product or service is delivered.
Physical evidence: It refers to the presence of a tangible element in the Marketing processes, whether you sell a product or a service. The influence of what you sell is always tangible.
Closer to us are those known as 4 Cs (consumer, costs, communication and convenience) and the SAVE model that, unlike the McCarthy model, focuses its attention not on the product, but on the consumer and their buying cycle. . The SAVE model includes:
Solution: Orientation not to the product but to emphasize how it solves consumer problems.
Access: Thanks to the Internet, purchases are made from various places and 24 hours a day. Good access means turning the brand’s website into the epicenter of communication and making it appear well positioned in search engines.
Value: Price loses relevance and almost becomes an obscene topic in certain markets. Concern for price gives way to concern for value. Marketing should be focused on reinforcing the perception of the value of the product, highlighting what makes your company different and what you offer that is truly unique. The goal is to position yourself in the mind of the consumer with a brand with a strong personality, relevant and distinguishable.
Education (content): Promotion is now focused on providing educational information that grabs the audience’s attention. This “education” is carried out with various products and formats through online and offline channels.
The new generation of the 4 Ps of the marketing mix
How is the panorama presented today? Now marketers are shaping their marketing strategies and refer to the second generation of the 4 Ps enunciated by Rush Branding & Communication: proposition, promise, preference and positioning. And this approach is totally digital, as you can see in this graphic that we leave you.
4 P of marketing
Second generation of the 4 Ps of the marketing mix
We have the entire alphabet at our disposal and a reality rich in nuances that challenges marketers to think outside the box……………….