If you are in the business world, then you might have heard of the “marketing mix” or 4 Ps. This is an extremely useful tool that you need to keep in mind when creating your marketing campaigns.
In this article, we will explain 4 P’s of marketing with examples so that you start recreating them for your products or services.
What Is 4 P’s of Marketing
The only way to explain 4 P’s of marketing with examples is to start with the theory. The 4 Ps of marketing is a framework that uses several tools and methodologies to help marketers and companies better market their products. The four elements that make up the 4 P’s are product, price, place, and promotion.
The marketing mix is an idea that has been around for decades. In fact, there are traces of this framework since the 1940s, even though the 4 P’s were finalized in the 1960s by E. Jerome McCarthy. Since then, the concept has become fundamental for every marketing team since it contributes to the success of their campaigns.
In addition to this, it’s worth noting that over the years several other models have been developed based on the 4 P’s of marketing example. For instance, you can also find the 7 P’s in service marketing which includes product, price, place, promotion, people, process, and physical evidence. Moreover, other frameworks that you might come across are the 5 P’s, the 8 P’s, and the 4 C’s. Nevertheless, the 4 P’s of marketing example will be the most useful to you in the beginning.
Explain 4 P’s of Marketing with Examples
If we are to explain 4 P’s of marketing with examples, we need to start with the first P, which is the Product. By this term, we refer to the item that’s been promoted by the marketing campaign. This product can be both tangible and intangible, meaning that it can be either a physical item or a service.
The first step to forming the 4 P’s of marketing example is to figure out what product your target audience needs. For example, think of the features and functions that will make it desirable to them. In addition to this, consider the general branding that includes the packaging, the color palette, and the fonts. Other marketing decisions that are directly connected to this element are the product’s quality, the guarantee, the return policy, and the product line among others.
A great example would be in the case of a fast food restaurant. If you see that your burgers are selling well, then you should consider expanding and promoting your product line, thus introducing new burgers to your menu. Similarly, if you have a beauty brand, you can create aesthetically-pleasing packaging that matches your company’s philosophy and make your products available in both full and travel size.
Next, we will move to the second component, which is the Price. As it might already be obvious, this element refers to the amount that the product is sold for. However, this component is not as straightforward as it might seem at first.
When you are studying the 4 P’s of marketing example, you will notice that price contains several factors. First and foremost, you must take into consideration your customers’ pricing expectations. Moreover, the pricing also correlates to the revenue of your business, and therefore, it should help you reach your business objectives. In reality, the right pricing is the middle ground between the customers’ perceived value and your business goals.
Some of the things that you can add to your 4 P’s of marketing example are your overall pricing strategy, allowances, discounts, and payment terms.
To make this clearer, imaging that you own a clothing brand. The price of your t-shirts should be one that reflects the product’s quality and doesn’t exceed your customers’ expectations. At the same time though, you can promote exclusive offers 3 for the price of 2 that will urge customers get your t-shirts.
Place is the following component on our way to explain 4 P’s of marketing with examples. This component tries to determine where your product will be available. This is one of the more crucial decisions for your product’s success. In recent years though, the global market has changed so much, that deciding on where to make your product available becomes a challenge.
First of all, your 4 P’s of marketing example should include the type of distribution that you want. For instance, you can select intensive, selective, or exclusive distribution. Moreover, you need to consider whether you want to make it available offline, online, or both, and which countries you will send it to. Of course, this all depends on the product you are launching.
In this case, a great example would come from a handcrafted candles business. In this case, you can create a brick-and-mortar store, where your customers can buy them. Moreover, candles can also easily be sold online. Therefore, you can also create a website and use social media marketplaces.
In order to fully explain 4 P’s of marketing with examples, we also need to talk about that last P, which is Promotion. With this component, we are talking about all the strategies that you will use to communicate your message to your potential customers and urge them to make a purchase. This might include several strategies, such as advertising, direct marketing, social media marketing, and PR promotions.
To make the 4 P’s of marketing example clearer, we have to mention that Promotion includes all the ways that you will market to your customers. This means that you must decide on the promotional mix that you will use, like part social media and part advertising. Furthermore, you must determine the exact message of your campaign, as well as the frequency that your promos will be displayed.
For this element of the marketing mix, you have to consider how your product will better reach your target audience. Therefore, if you have created a mobile game, you should definitely use social media and influencer marketing. Moreover, you can do some YouTube sponsorships to reach your intended audience.
A Complete 4 P’s of Marketing Example – Boardmix
Now that we have explained the theory behind this framework, it is time to show a full study case. The best way to explain 4 P’s of marketing with examples is to take a company and create an analysis from scratch. In this case, we will create a 4 Ps of marketing example for Boardmix, which is a collaborative whiteboard tool powered by AI.
Here is the breakdown of each one of the 4 P’s for Boardmix:
- Product: Boardmix is a collaborative whiteboard platform that empowers teams to collaborate with ease across numerous platforms and from any location. The company offers solutions for hybrid work, brainstorming, diagramming, strategic planning, product management, and design. What makes the tool stand out from its competition are the numerous premade templates, which allow its users to create any type of diagram in a matter of minutes, and its new AI Assistant.
- Pricing: Boardmix has a free standard plan that everyone can use without entering their credit card information. If users want access to the advanced features, then they can purchase one of the premium plans that has a fixed price. Moreover, the company also has services for enterprises, which are billed depending on the case.
- Place: Boardmix has been developed by BOYUN TECHNOLOGY LIMITED, which is based in Hong Kong. However, the online tool is available online through Boardmix’s official website. Users can access it from any device that’s connected to the Internet.
- Promotion: Boardmix focuses heavily on providing value to its users. That’s why a big part of its strategy is to create useful tutorials and templates available online. It also takes advantage of social media marketing to expand its influence.
How to Apply 4 P’s of Marketing
Now we are going to take this one step further. In more detail, we will show you some tips on how to create your own 4 P’s of marketing analysis through some outstanding tools.
Get Inspired by Boardmix AI Assistant
One of the most innovative tools that Boardmix has recently introduced is its own AI Assistant. This new tool can take your prompts and generate anything you need. For instance, it can create a mind map, generate code, create a list of ideas, and even write some text for you. Furthermore, this AI assistant can collect and analyze various data in a matter of seconds, thus allowing you to create a comprehensive 4 P’s of marketing analysis.
Take Advantage of Ready-made Templates
Another feature that not only allows you to explain 4P’s of marketing with examples to your team but also makes the process faster is the ready-made templates. Boardmix has incorporated a rich library of templates that is thoroughly organized so that you can immediately find what you are looking for. Therefore, you can select the 4P’s of marketing example template and create a diagram that is easy to read and follow.
The Bottom Line
In this article, you have learned everything you needed to know about the marketing mix. Now, you can explain 4 P’s of marketing with examples to your marketing teams and start creating a successful marketing campaign. Boardmix gives you multiple tools to make your analysis quicker and easier than ever before. Go and create your account today to gain access to them right now!