But in this article we are going to go further, and as marketing has evolved, it has become necessary to update the 4 Ps of marketing model. So let's see how these concepts can help us in our day-to-day work as marketers.
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What are the 4 P's of marketing?
The-4-P-of-marketing
Product (Product)
The product (or service, as the case may be) is the central axis around which marketing campaigns revolve and which guides all our plans.
Therefore, the first aspect to consider in marketing is product development. We can distinguish between three different levels:
The essential product refers to the basic function of a product, that is, the need it solves.
The actual product includes other features such as quality, brand or packaging.
Finally, the expanded product includes other aspects that generate added value, such as warranty, after-sales technical service or financing options.
Ultimately, all of these aspects influence consumers' perception of a product and must be taken into account by the marketing team.
Price (Price)
Price is one of the biggest purchasing factors and our profits depend on it. It also has a great influence on the perception of a product or service.
To set the correct price for a product, several key aspects must be taken into account:
Manufacturing and distribution costs and the expected profit margin.
How much consumers are willing to pay in exchange for the perceived benefit.
The price of competing products.
The product life cycle: normally, at launch the price is usually lower in order to try to generate a critical mass of customers.
