what-is-4p

What is 4P Marketing and What related to martech

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The 4P of marketing

The 4P’s of marketing, also known as the marketing mix, is a framework used to describe the four key elements of a successful marketing strategy.

The 4P’s are:

4p marketing

1. Product

This refers to the goods or services being offered to customers. A company’s product should meet the needs and wants of its target audience, and provide value to customers.

  • Product design and features: A successful product strategy should consider the design and features of the product to ensure it meets the needs of the target market. The product should be designed with the intended use, customer preferences, and competition in mind.
  • Product quality: A successful product strategy should ensure the product meets or exceeds quality expectations of customers. Quality can include product performance, durability, reliability, and safety.
  • Branding and positioning: A successful product strategy should include a strong brand identity and positioning that resonates with the target audience. This includes developing a brand personality, messaging, and a unique selling proposition.
  • Pricing: A successful product strategy should consider pricing and pricing strategies. The price should reflect the value of the product and meet customer expectations. Pricing strategies may include premium pricing, economy pricing, or penetration pricing, depending on the company’s goals and the market environment.
  • Product lifecycle management: A successful product strategy should consider the entire lifecycle of the product, from concept to disposal. This includes product development, product launch, product growth, product maturity, and product decline. Companies should consider strategies for each stage of the lifecycle, including product improvements, new features, and eventual replacement or retirement.

For example, if a company is selling running shoes, it needs to create shoes that are comfortable, durable, and suitable for the type of running its target audience engages in. The company may also need to create shoes with additional features, such as good traction for trail running, or extra cushioning for long-distance running.

2. Price

This refers to the price that customers are willing to pay for the product. A company must consider factors such as production costs, competition, and target audience when setting its pricing strategy.

  • Cost-plus pricing: This strategy involves setting a price based on the cost of producing the product, plus a markup for profit. This approach ensures that the company covers its costs and generates a profit, but may not take into account the competition or customer demand.
  • Penetration pricing: This strategy involves setting a low price to gain market share or to introduce a new product. This can help attract price-sensitive customers and create buzz around a new product or service. However, the low price may not be sustainable in the long term, and the company may need to increase prices once it has established a customer base.
  • Premium pricing: This strategy involves setting a high price for a high-quality product or service. This approach can create a perception of exclusivity and luxury, and may attract customers who are willing to pay a premium for high quality. However, it may limit the size of the target market, and the company must deliver on the promise of high quality.
  • Dynamic pricing: This strategy involves setting prices that fluctuate based on market demand, competition, and other factors. This can help optimize revenue and maximize profits, but requires sophisticated pricing algorithms and data analysis.
  • Price skimming: This strategy involves setting a high price initially for a new product, and then gradually lowering the price over time. This approach can help the company capture early adopters who are willing to pay a premium for new products, while also attracting more price-sensitive customers as the price decreases.

For example, a company that is launching a new smartphone may set a premium price to reflect the high quality and advanced features of the phone. Alternatively, a company that is trying to gain market share in a competitive market may set a lower price than its competitors in order to attract price-sensitive customers.

3. Place

This refers to the distribution channels used to get the product to customers, such as direct sales, online sales, or through retail stores. A company must choose the most effective distribution channels to reach its target audience.

channel distribution strategies:

  • Direct-to-consumer (DTC) distribution: This strategy involves selling products directly to consumers through e-commerce websites, brick-and-mortar stores, or catalogs. By cutting out middlemen such as wholesalers and retailers, companies can offer lower prices to customers and have more control over the customer experience.
  • Indirect distribution: This strategy involves selling products through intermediaries such as wholesalers, retailers, or distributors. Indirect distribution allows companies to reach a wider range of customers and leverage the distribution expertise of intermediaries. However, it can result in higher costs and lower margins for the manufacturer.
  • Multi-channel distribution: This strategy involves selling products through multiple distribution channels, such as e-commerce websites, brick-and-mortar stores, and third-party marketplaces. Multi-channel distribution allows companies to reach customers wherever they are and provide a seamless shopping experience across channels.
  • Franchising: This strategy involves licensing a business model and brand to independent operators who operate under the franchisor’s guidance and support. Franchising allows companies to rapidly expand their distribution network and leverage the local knowledge and expertise of franchisees.
  • Exclusive distribution: This strategy involves limiting distribution to a select group of retailers or distributors. Exclusive distribution can help companies maintain control over their brand and ensure consistent pricing and marketing across distribution channels. However, it can also limit the company’s reach and reduce its bargaining power with intermediaries.

For example, a company that sells high-end furniture may choose to sell its products through a network of retail stores in affluent neighborhoods, as well as through an e-commerce website that offers home delivery. Alternatively, a company that sells affordable clothing may choose to sell its products through discount stores or online marketplaces like Amazon or Walmart.

4. Promotion

This refers to the marketing activities used to promote the product, such as advertising, public relations, and sales promotions. A company must choose the most effective marketing channels to reach its target audience.

  • Content strategy วิธีการสื่อสาร การใช้ข้อความ
  • Channel/ media strategy ช่องทางและกลยุทธ์การใช้สื่อ
  • Promotional mix การเลือกนำเสนอ Promotion ในแต่ละสื่อ

For example, a company that is launching a new beauty product may use social media influencers to promote the product to its target audience, as well as run advertisements in relevant magazines or websites. The company may also offer promotions, such as a discount or free samples, to attract new customers.


4P & Marketing Technology เครื่องมือช่วยทำให้ 4Ps สมบูรณ์แบบ

P – Product

Product Research

By using Social Listening before developing a new product, businesses can gain valuable insights on customer needs and preferences, and ensure that the new product addresses these needs effectively. This can help reduce the risk of product failure and increase the likelihood of success in the market.

For example, social listening may reveal that consumers are interested in buying condominiums that are located in areas with good access to public transportation, close to amenities such as shops and restaurants, and have good security features. Additionally, social listening may reveal that consumers are interested in condominiums with modern and stylish designs, flexible floor plans, and high-quality finishes.

Furthermore, social listening may reveal that consumers are concerned about the costs associated with buying a condominium, including mortgage rates, maintenance fees, and property taxes. Consumers may also express concerns about the reliability and reputation of developers and property management companies.

By analyzing social media data, businesses can gain valuable insights into the perspectives of consumers who are interested in buying a condominium. This information can be used to guide product development, marketing, and sales strategies that address customer needs and preferences, and help businesses gain a competitive advantage in the market.

Painpoint ในการหาซื้อคอนโด

Product Warranty
For example, a company that sells electronics products may use a CRM system to manage product warranties. The company would collect customer data, including product information and warranty information, and track warranty information in the CRM system. The company could automate warranty management processes, such as sending warranty reminders to customers, and use CRM tools to monitor customer feedback related to warranty claims and repairs.

By analyzing warranty data, the company could identify trends and patterns in warranty claims and repairs. For example, the company may discover that a particular component in a product is prone to failure, and take steps to improve the quality of that component in future product designs. Additionally, by using a CRM system for warranty management, the company can provide better customer service by quickly and efficiently addressing warranty claims and repairs, which can lead to increased customer satisfaction and loyalty.

การจัดการเคสใน SuiteCRM

P – Pricing

Pricing Optimization
For example, a business that sells electronics online may use Price2Spy to monitor the prices of its competitors. Based on the pricing data provided by Price2Spy, the business may adjust its own prices dynamically to remain competitive. The business could use rule-based pricing strategies to automatically adjust prices based on competitor prices or inventory levels, and optimize its pricing strategy over time based on data provided by Price2Spy. This approach can help the business remain competitive and maximize profitability in a fast-changing online marketplace.

Rule-based pricing: Price2Spy allows businesses to set up rule-based pricing strategies, which automatically adjust prices based on predetermined rules or conditions. For example, a business may set a rule to automatically adjust prices based on competitor prices or inventory levels.


P – Place

Product Distribution
There are several martech platforms that offer marketplace integration capabilities to distribute products to multiple marketplaces such as Lazada and Shopee in one place. Here are a few examples:

  1. ChannelAdvisor: ChannelAdvisor is a leading martech platform that offers comprehensive marketplace integration capabilities. The platform supports integrations with over 100 marketplaces, including Lazada and Shopee, and offers a range of features to streamline product listing, order management, and fulfillment.
  2. Sellbrite: Sellbrite is a cloud-based ecommerce platform that offers marketplace integrations with major marketplaces, including Lazada and Shopee. The platform offers a range of features to manage inventory, orders, and shipping, and can help businesses scale their ecommerce operations.
  3. Zentail: Zentail is a multichannel ecommerce platform that offers marketplace integrations with major marketplaces, including Lazada and Shopee. The platform offers features such as automated product listing and inventory management, as well as advanced analytics and reporting tools.
  4. Linnworks: Linnworks is a cloud-based multichannel ecommerce platform that offers marketplace integrations with major marketplaces, including Lazada and Shopee. The platform offers a range of features to streamline operations, including order management, inventory management, and shipping.
  5. Epsilo is a martech platform that provides a range of services to help businesses manage and optimize their ecommerce operations, including marketplace integration with popular marketplaces such as Lazada, Shopee, and Amazon.


P-Promotion

Ubersuggest to analyze competitor websites and generate promotion ideas, you can stay ahead of the competition and attract more customers to your business. Remember to always test and optimize your promotions to maximize their effectiveness, and to stay up-to-date with the latest trends and best practices in your industry.



Channel/ media strategy
Feedhive to distribute content posts and schedule them in advance, you can save time and ensure consistent posting across your social media accounts. Remember to always review and edit your posts before publishing, and to analyze your performance to continuously improve your social media strategy.

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https://en.wikipedia.org/wiki/Marketing_mix
https://www.slideserve.com/albert/12-distribution-channels-and-physical-distribution
https://www.franchisefocus.co.th/index.php/what-is-franchise.html
https://bow-now.com/media/column/7Ps_of_the_marketing_mix
https://www.smartinsights.com/marketing-planning/marketing-models/how-to-use-the-7ps-marketing-mix/
https://www.price2spy.com/en/
https://www.epsilo.io/
https://www.mycloudfulfillment.com/
https://app.neilpatel.com/
https://www.mandala-analytics.com/

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