We produce our product or service, set a price for it, offer it for sale in the appropriate place, and carry out various promotional activities to sell it. So, if you ask where “4P” is in all this, we can start explaining by saying that this term comes from English. Here is what “4P” stands for: Product, price, place, distribution and finally promotion.

Let’s dive deeper into the world of P’s:

Product: We are a brand, we are going to do marketing, but of course we cannot be a brand or do marketing without a product. So we need a final product that we create by taking certain raw materials and processing them.

Of course, this product doesn’t always have to be material, sometimes it can be a digital product, sometimes it can be a service. But we call them all products, which is the first “P” in marketing.

Of course, you need to trust the product you have, know its strengths and weaknesses so that you can tell others about it and ultimately sell it.

For this reason, it is critical that the marketing departments of brands have in-depth knowledge about the product/service being sold and can predict its reflection on the target audience.

Yes, we now have a product/service. What to do with these products?

Price: If we know the product we have, if we can approximately estimate what kind of image it has in the eyes of our target audience, that is, our potential customers, we have come to the second “P” of marketing: price. If we know the value that potential customers assign to our product, we can estimate the amount of money they are willing to pay for it.

However, at this point we need to pay attention to one more factor: The pricing of our competitors in the market. Because if we don’t have major differences, we can sell our product at approximately the same price as the substitutes.

This is why it is also very important to carry out a market analysis. As our ancestors said: “Know your friend well and your enemy even better”. Of course, we are not “enemies” with our competitors, but we need to know them even better.

We now have a product and its price. Now we need to reach the end consumer. That is, to send the product to the points where it will be sold, to distribute it. This brings us to the third “P”: place.