What does the marketing 4P mean?

4P's marketing theory is summarized as a combination of four basic strategies, namely, product, price, channel and promotion. Because the English prefix of these four words is p, plus Strategy, they are called "4P" for short.

The so-called product marketing strategy means that when an enterprise formulates its business strategy, it must first make clear what products and services the enterprise can provide to meet the requirements of consumers, that is, it must solve the product strategy problem. It is the basis of marketing mix strategy. In a sense, the key to the success and development of enterprises lies in the degree to which products meet the needs of consumers and whether the product strategy is correct.

Pricing strategy is a key component of marketing mix. Price is usually an important factor affecting the success or failure of a transaction, and it is also the most difficult factor to determine in the marketing mix. The goal of enterprise pricing is to promote sales and gain profits. This requires enterprises to consider not only cost compensation, but also consumers' ability to accept prices, so that the pricing strategy has the characteristics of two-way decision-making between buyers and sellers.

Distribution strategy is one of the marketing mix strategies. Like product strategy, promotion strategy and pricing strategy, it is an important means for enterprises to successfully enter the market, expand sales and achieve business goals. Distribution channel strategy mainly involves distribution channel and its structure; Selection and management of distribution channel strategy; Distribution among wholesalers, retailers and entities.

Publicity and competition strategy refers to the use of certain means to publicize enterprises and products to the public, in order to expand influence, establish a good image, produce purchase behavior, and achieve the goal of winning in the competition. In the practice of propaganda competition, the correct use of various strategies and methods is the magic weapon to defeat the enemy. It is a means and method used by enterprises to achieve greater results in propaganda.

Extended data

The starting point of 4P thinking is the enterprise center, that is, what products the business operators want to produce, what profits they expect to make and set the corresponding prices, what selling points they want to spread and promote, and what path they choose to sell.

Meet realistic, identical or similar customer needs and maximize profit targets. According to the products produced by the enterprise and the expected profits, the marketing personnel set the corresponding prices and introduce the selling points of the products to customers.

Baidu Encyclopedia -4P Marketing Theory