How effective is the 4P model in today’s environment?
The 4P model has been in use as a tool for marketing professionals since 1960. Although it has changed over time, it remains relevant to modern advertising.
Edmund McCarthy developed the marketing concept. It states that to be successful, a specialist must follow four principles:
– Product – the company’s product or service;
– Price – its cost;
– Place – the place of sale;
– Promotion – the promotional effort.
Each point has its characteristics. Product means an offer that meets the expectations and consumer needs. It does not matter whether it is a physical product or a digital service. The product must be different from those offered by competitors and meet the target audience’s preferences. If this is the case, consumers will be interested.
For many customers, price is a critical factor in choosing a product. It is, therefore, integral to consider more than just internal costs and expectations. It is necessary to analyse market trends and competitors’ offers. It is essential to maintain a balance. If the product’s price is too low, people may doubt its quality. Too high will limit the range of consumers. Marketing strategy is a crucial factor, as it must demonstrate the benefits of the product and its positioning. The advertising campaign should convince the consumer that the quality and unique characteristics of the product justify the set price.
Places are more than just physical locations. In the modern application of the 4P model, this includes different ways of marketing a product or service:
– physical outlets;
– online shops;
– social networks;
– websites.
In this case, it is significant to focus on audience preferences. The aim is to create maximum interaction points with potential customers. Therefore, several sales channels, such as a physical store and social networks, may exist.
Promotion involves an integrated approach using a variety of tools. Regular interaction with the target audience through a variety of channels is important. It also involves working with suppliers and employees within the company.
Pros and cons of the 4P model
While 4P has been around for many years, other practical approaches emerged at that time. With current developments in marketing and technology, the concept is not always up to today’s challenges:
– rapid changes in consumer habits and behaviour;
– the growing role of the experience of interacting with a business rather than the product itself;
– the development and availability of digital technologies;
– the diversity of distribution channels.
However, the 4P concept is still relevant in several cases due to its advantages:
– it is easy to understand and put into practice;
– it can be seen as a basic approach that can be the basis for many other elements, which can be in addition to i;
– it is adaptable to modern market conditions.
It’s worth noting that the 4P model is practically not used in its classical version. However, there are augmented versions which work perfectly for promotion in modern conditions.