Most of the industries experienced their methods and practices been turned upside-down by the internet.
One of them is marketing which has arguably experienced and enjoyed major changes.
Marketing has become so good with its newest tools like customer profiling, response analysis, transactional messaging, recommendation engines.
But have you ever imagined how much the new technology has altered the basics of marketing? The truth is basics always remain the same, though there are a few advancements.
Even when the fundamentals remain the same, it does not necessarily mean that we can still use and apply them in the same way as we use to do previously. Some of the old established truths are certainly broken down as e-commerce took over.
So, it is a good idea to pause and reflect on what we have learned about marketing through the technology lens.
However, with the availability of marketing technology platforms and new data sets that offer myriad possibilities for connecting with consumers, you must also concentrate on using technology to promote personalized practices.
A recent study stated that 81% of the shoppers have researched online before stepping inside a store and 74% of the customers are frustrated because of getting irrelevant messages and offers.
If you are looking to build meaningful connections with audiences across digital channels, customer relationship management (CRM) is an imperative part of a flourishing marketing strategy.
Each discussion in Marketing starts with the 4Ps of Marketing. CRM along with the new 4Ps followed at Thrillax – process, philosophy, positioning, and promotion offer distinct approaches to meet customer needs and customize messaging for audiences that expect personalization. We call our business model as the Comprehend and Conquer approach.
Before we enter into the details of 4Ps of marketing, let’s know a little about the good old 1950s.
The term “marketing mix” was created by Neil H. Borden who was an American Marketing Association president in 1953. And since then we have been using it in different forms.
In 1960 E. Jerome McCarthy formed the 4 Ps in Marketing and since then, they
have been connected to the Marketing Mix. The marketing mix or now the 4Ps explain the bunch of activities, or strategies applied by various organizations to promote their product or service. The 4Ps in the marketing mix are Product, price, promotion, and place.
Definition of 4P’s of Marketing:
The 4Ps of marketing represent the strategies which an organization uses to promote its brand or product in the market. In a layman’s language, the 4Ps of marketing means building the product as per the demand of the customer which fulfills customer’s request and is easily available to the customer at the right price.
Following the 4P strategy can help to increase organic search traffic on your website also.
Embellishing these 4Ps:
Product: Product determines the service or item which is up for selling for the buyers. A product can either be a physical item or a service.
Price: Price explains the value of the product. The buyer pays a price to the seller in exchange for the product or service used. Normally, the price or the value of the product depends on a variety of internal and external factors.
Place: Place indicates a distribution pipeline of sales for the product. Place implies – making the product available easily to potential buyers. The success of the product majorly depends on the right placement of the product.
Promotion: Usually, promotion involves any activity or action taken in order to sell or advertise the product. The activities like advertising, events, customer incentive schemes, marketing are all included in the promotion of the product.
