What is the 4P Marketing Mix?
The 4P Marketing Mix is a popular framework used by marketers to define and develop marketing strategies. The 4P’s stand for Product, Price, Place, and Promotion, which are the four key elements that make up a successful marketing mix.
If offers an order that is simple to follow.
The first step is to define the product or service that you want to market. Next, determine the pricing strategy for the product. Then plan the promotion strategy for the product. Finally, identify the best channels for distributing and selling the product.
Why Use the 4P Marketing Mix?
- It offers a comprehensive approach to planning as businesses can create a complete plan by considering all four elements.
- By considering the needs and wants of customers, businesses can design a product or service that fits their demands and is priced, promoted, and distributed in an easy and accessible way.
- Businesses can change the template to meet their needs and goals.
- Tracking the effectiveness of the strategy lets businesses make data-driven decisions and tweak their approach.
Who Needs the 4P Marketing Mix?
Any business or organization that wants to develop and implement an effective marketing strategy would benefit from this approach. Small enterprises, large corporations, start-ups, and non-profit organizations are some examples of those that could benefit from using the 4P Marketing Mix.
4P Marketing Mix Template
How to Run a 4P Marketing Mix
Start by defining the product or service you will be marketing.
Then collaborate to determine the pricing model that will best meet the needs of the business and its target audience, Then discuss the most effective promotion channels and strategies.
After that, collaborate to find the most effective strategy to get the product into the hands of the target demographic. Lastly, put the marketing strategy into action and use metrics to measure how well it worked.
Brainstorm for each section
Vote on the ideas to take forward
Discuss and share results with stakeholders
Invite participants to add their ideas in each section of the template.
Give them time to think and remind them that all ideas are good ideas.
Ideas can be added individually or as a group.
Save effort, time and money with GroupMap
Whether you have your best minds together in the same room, or distributed around the world, GroupMap’s unique technology allows groups of up to 2000 to submit ideas independently at separate times, from different places, in different timezones. Prevent dominant personalities swaying the group, drowning out the opinions of others – GroupMap allows everyone to brainstorm independently then effortlessly combines that information to reveal the full spectrum of ideas. GroupMap templates keep the objective front and center throughout the session, keeping everyone on task. This ensures the activity identifies actionable issues rather than becoming just a discussion on ideas. GroupMap gives you all the group decision making tools you need to prioritize, decide and take action.
Create your first map and invite people in to start sharing their thoughts right NOW. Experience the power of GroupMap with our 14-day, no risk, FREE trial. You don’t even need to provide your credit card details to access to all of our features, including the entire suite of templates, for a full 14 days.