Do the 4Ps of marketing take you back to your theoretical
memories of college or business school? True pillars of any marketing strategy
, they still guide your steps to achieve the objectives set today . Let's
review the fundamentals together and question their relevance in 2021.
Even if the 4Ps of your marketing strategy were already
defined a long time ago - long before you arrived in the company - there are
certainly reflections to be carried out to improve and modernize the method . redditbooks
The 4Ps, too known as the marketing mix , are the variables
that you can adjust for your marketing strategy.
They include:
• The
product
• The price
• La
Distribution (Place in English, we cheat a little)
• Promotion
(Communication in English, we're still cheating)
The definition of 4P Marketing
The product
The product policy brings together everything that has
appeal to your product . It could be :
• packaging
• colours
• of the
format
• packaging
• of the
guarantee
• customer
service
• etc.
Your consumers have evolved in their way of approaching the
purchase of the product. Has your offer adapted to new consumers? superhealthiness
The price
The pricing policy relates to your pricing policy . It
details:
• commercial
conditions
• payment
terms
• credit
conditions
• discounts
By having transparent trading conditions, you clearly
display your policy and avoid any disappointment.
The distribution
The distribution policy (“Place” in English) concerns the
way in which your products will be distributed. How will your products end up
in front of the consumer's eye? Will your products be available only in your
stores? On the Internet ? In large chains ...
The distribution can take 3 forms, it can be:
• MULTI-CHANNEL
: Consumers expect to find your products and services in your various sales
channels , in a consistent and transparent manner
o Example:
Apple has two premium distributors in Reunion Island (Apple Store) but you can
also order online, go to Darty or Fnac
• CROSS-CANAL
: Consumers interact on different channels at all stages of their purchasing
journey, but not simultaneously
o Example:
you order online on Jumbo Drive and you pick up your groceries in store
• OMNICANAL
: Consumers are used to the merger of “off-line” and “online” through digital
levers
o Example:
I order online, I track the delivery on my mobile, I write an email on the
computer to the after-sales service, I complain on social networks…. then I use
the store's physical after-sales service tophealthfitnesstips
Communication
The communication policy (“Promotion” in English) brings
together all the elements making it possible to make your product known and to
interest potential customers. We immediately think of:
• The
advertisement
• sales
promotion
• the POS
In addition to these actions, it is imperative to include a
digital component to best match the consumption habits of your prospects and
customers.
Finally, note that today, the 4 Ps expand to become the 7 Ps
with the addition of:
• the
quality of the procedures (Process): it will measure your different points of
interaction with the customer (ex: reception, advice, opening hours, the
customer experience felt at all phases: before, during and after the purchase )
• HR
(People): these are the skills of your sales force (ex: presentation, training,
methods used
• the
physical environment: here we assess the physical components of the store (e.g.
parking, window, merchandising, etc.), the services offered or the staff
(attitude, uniform)
How important in 2021?
You must have realized it: the purchasing habits of your
consumers have changed in recent years.
They start their shopping search on Google
(80% according to IFOP and even 87% among executives!), Read the
opinions of other consumers and buy online.
This advent of digital technology and technological
innovations have profoundly transformed and professionalized marketing,
including locally, in Reunion Island, where there are 600,000 Internet users .
The consumer has new expectations and your products may not
yet have found the answers to this development? Maybe the times has come to sit
down and review some of your 4Ps!
Here are some avenues to
consider for your reflection:
• Is my
product eco-responsible? Does my company respect its commitments towards the
planet (CSR ...), its employees etc?
• Does the
current distribution network meet the expectations of my consumers ? Does it
have a negative impact on the territory, on the planet?
• Is the
customer experience ready to meet its new expectations?
• Is an
online distribution channel essential?
• Is
traditional advertising still effective?
• The
digital strategy she has found its place in my marketing plan? If so, are the
results there?
• Is my
website efficient and equipped to generate business ?
• Are you
looking for innovative marketing strategies ?
• Does my
business organization allow for timely response to customer inquiries through
all channels?
• Is the
sales force familiar with current methods (e.g. Social Selling )
• How to
get a competitive advantage ?
To learn more about the subject , you can consult our page dedicated to the implementation of a
marketing strategy.
Having a product that corresponds in every way to the reality of the market is a complex
exercise. Consumer habits are changing and it can be difficult to keep up with
the pace of change within a business. fashionglee
