4P Marketing Strategy – In a business, a marketing strategy is one thing that must be considered carefully because it will affect sales and income. One of the marketing techniques commonly used by large companies is the 4P marketing strategy.
4P Marketing Strategy
Marketing strategy is considered important because the main goal is to be able to succeed in the business so that later it can satisfy customers who have bought the product. Likewise with the 4P marketing mix strategy which is also believed to be able to bring many advantages for business people.
- Find out more about the 4P Marketing Strategy
The 4P Marketing Strategy is a collection of several basic components that are used as an initial benchmark for a business person so that consumers are willing to buy the products being sold. These components consist of product, price, place and promotion.
In general, this marketing technique is usually used for large businesses only. However, if your business is still an UMKM business, then you can still use this marketing strategy to maximize sales in your Abda business.
4P Marketing Marketing Strategy Variables
The 4P Marketing Strategy has been proven to be able to increase turnover in several big businesses. So that this strategy is quite attractive to the public. The variables or components of this one strategy are as follows.
- Product Is Part Of The 4P’s Marketing Strategy
Deciding what products to sell when starting a business is very important, whether it’s a tangible product or an intangible one. Before determining what marketing strategy is right for the newly started business, you can start and develop the product first.
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The first way of this 4P marketing strategy is quite simple, namely you can ask for criticism and suggestions from customers about the product you are selling. This is considered quite important because you can understand more about your product and how to use the right marketing techniques.
In addition, you can also create quality products and services. So as to be able to provide its own satisfaction for consumers. Of course, the more satisfied consumers are with the services offered, the consumers will definitely come back again to buy your products or services.
But it’s different if the quality of the products or services you offer is not good or even very bad then consumers will not buy the products or services you offer again. For this reason, paying attention to products that are also part of the 4P marketing strategy is also very important.
Conversely, poor product or service quality will also make consumers disappointed and they will not want to buy or use your product or service a second time.
There are several decision factors in terms of considering product elements in this marketing strategy, namely:
- Logo or brand
- Product variety p
- Features of p
- Differences with competitors
The next component of the 4P marketing strategy is the price, which is the value that buyers must give in order to have a product from a company. This price is one component that is quite influential on product sales. Not infrequently, potential consumers also compare the products you sell with those of competitors first, especially in terms of comparing in terms of price. For that, you must have a good pricing strategy by conducting market research and calculating the cost of goods sold (HPP).
In addition, you can also consider the desired profit from sales. Then you can also try to use a simple accounting program in determining prices which is a component of the 4P marketing strategy so that you can calculate and determine the price of the product you are going to sell.
The use of this simple accounting program is indeed considered more accurate than using manual calculations. But basically, in determining this price, make sure that the price is still reasonable and easy to reach.
In setting the price of the products you sell which is also a component of the 4P marketing strategy, there are several things that must be considered so that consumers do not run to your competitors.
- Promos or discounts
- The value of the product or service
- Price comparison with competitors
The location of the business is quite influential on the sales and income of your business. The more strategic your business location, the greater the possibility for people to visit you.
Choosing a strategic location aims to make potential customers feel interested in visiting your business and the location of the business becomes much easier to find. However, apart from choosing a strategic business location, there are several components that must be considered in a 4P marketing strategy, namely:
- Learn from competitors
- Product handler
- Place type
- Distribution channel
In general, in this promotional activity, business people have two main goals to be achieved, namely to increase brand awareness of the business they have and to inform many people about the business being undertaken and to persuade potential buyers to buy the products offered.
This 4P Marketing Strategy really focuses on how to use the right communication so that promotional activities can be maximized. In addition to using conventional promotional techniques, you can do promotions through Instagram ads, Google ads and Facebook Ads or take advantage of your social media.
But before you do a business promotion, then you must pay attention to the following things in determining promotional activities, namely:
- Study competitors when promoting
- Promotional media used
- Time to carry out promotions
Benefits of 4P Marketing Strategy
There are several benefits that you will get when using the 4P marketing strategies above for business. In this case, the intended benefits are as follows.
- Can help understand the service products offered to customers
- Assist in planning a more successful product or service offering.
- Assist in the planning, implementation and development of each component of a more effective 4P marketing mix strategy.
- Make business people more proactive in taking risks
- Can help in determining whether the product or service you offer is suitable for customer needs or not.
- Can help businesses leverage their strengths and avoid unnecessary costs.
- Can assist in identifying and understanding the needs of customers.
- Can help you learn when and how to promote your products or services to customers.
Those were some of the 4P marketing mix strategies that can be applied in the business you are starting. This strategy is considered very important in the sustainability of a business because it provides many benefits for business development.
Not only that, this 4P marketing strategy is also able to increase the loyalty of your business brand. Given that your business focuses on consumer needs and creating customer satisfaction, then when you destroy the elements of the strategy above, you can be sure that your business will grow.