Strategy in doing business is very necessary, starting from the pricing strategy of products or services, strategies for determining the right product, marketing strategies, and others.
The main goal is for the business to run so that it can better satisfy the customers who have purchased the product.
Of the many marketing strategies used in business, there is one main strategy element that must be used and is known as the 4P marketing strategy.
Because, the four elements in a marketing strategy will determine the success of your marketing.
What is a 4P Marketing Strategy?
The 4p marketing strategy is a collection of basic components that become the initial benchmark for business people so that consumers want to buy their products.
The 4p marketing strategy or also known as the 4p marketing mix consists of 4 parts, namely product, price, place, and promotion.
Here are the 4 Ps of marketing example
Products: examples of products offered by Burger King have a variety of foods and beverages such as fried chicken, burgers, ice cream, various drinks.
Price: is a pricing strategy that uses examples of bundle products, such as the price of basic food packages that are cheaper than the unit price and the application of psychological prices.
Place: This example is often used by Burger King, for example in the form of restaurants, kiosks, and mobile applications. The kiosk is like inside a mall.
Promotion: promotional strategies carried out through social media, for example sales promotions such as discounts or rebates, and public relations.
Read also : How to use the marketing mix
For more details, these four variables will be explained below.
When you decide to start a business, the most important thing is the product.
Products can be considered as an important part of business, but products focus not only on tangibles but also on intangibles such as organizations, services and ideas.
Before determining what marketing strategy is right for your business, you can start by developing the product first to make it better.
The trick, you can ask your customers in the form of suggestions or criticisms related to the products you offer so that they are satisfied with the product.
It is therefore important that you understand the product and other parts of marketing.
There are several decision factors in considering product elements in the marketing mix, such as:
- Brand or logo
- Different from competitors
- Product Variations
In addition to products, there is an element of the marketing mix that you should also pay attention to, namely price.
Price is the value that must be given by the buyer to own the product of a company, and this component affects the sale of the product.
Usually your potential customers will compare the product with competitors first and then they will use the price as a benchmark.
Therefore, you must have a good pricing strategy, how you can see the market price or calculate the cost of goods sold.
To set a price, you need to consider the following:
- Product or service value
- Price comparison with competitors
- Promo or discount
One of the determining factors for your next product is the choice of place or location, you can choose a strategic location.
A strategic location means it is crowded with people or usually the place is crowded with people.
The goal is to make potential customers feel interested in visiting your business, plus the location is easy to find.
However, in addition to a strategic place of business, there are several components that you must consider when choosing this 4p marketing mix, namely:
- Type of place
- Distribution channel
- Product controller
- Learn from competitors
Promotional activities have two goals that you can achieve, firstly to increase brand awareness of your business and tell people about your business.
Second, persuade them to buy the product or service you offer.
This 4p marketing strategy focuses on the right way of communication to communicate with your target audience.
Currently, to promote your product not only through conventional media, you can promote it through Facebook Ads, Instagram Ads, or Google Ads.
Or take advantage of your business's social media by providing informative, educational and other content.