Integrating the 4Ps (or 8Ps) of Marketing Mix into a Traditional Marketing Strategy
Several years ago, I met a fellow marketer at one of those deep intellectual Marketing Conferences. Over lunch, the discussion was “What marketing tool can create the most effective marketing strategy for an organisation?”
Specifically, whether to use the 4Ps of marketing mix or a more traditional marketing strategy template. The fellow marketer was all for using the 4Ps and using the 4Ps in isolation. For me, I didn’t feel the 4Ps covered it and missed vital analysis if used on its own. Instead, I believed the 4Ps of marketing should be integrated into any good marketing strategy.
I still think back to this lunchtime discussion and whether other marketers only use the 4Ps (or the extended 8Ps). Is the theory of using the 4Ps over a more traditional marketing strategy all too much, even for marketers? And if this is the case, what about my clients who have limited marketing experience and are confused by the whole jargon – I have seen many glazed eyeballs talking 4Ps, 8Ps and sometimes even the term Marketing Strategy.
In this blog post, I will highlight how the 4Ps of Marketing Mix, and even the extended 8Ps, are integrated into a traditional marketing strategy. Additionally, I will show this by introducing a simplified 5-question marketing strategy model that encompasses these elements, where all bases are covered.
If you don’t care about the theory or the discussion but you want an effective marketing strategy guide to grow your business, skip reading the blog (I won’t be offended) and download the DIY 5 Question Marketing Strategy here.
Understanding the 4Ps of Marketing Mix
Before we delve into the integration of the 4Ps into a marketing strategy, let’s quickly recap what these 4Ps represent:
- Product: is what you are selling. It could be a tangible, physical product or a service that is not tangible. A product or service needs to meet the demands or needs of the customer you are selling to.
- Price: The amount customers are willing to pay for a product or service, which includes pricing strategies and considerations.
- Place: The locations and channels through which customers can access and buy the product or service.
- Promotion: refers to the specific marketing tactics or activities you use to let your target customers know about your products. This includes the timings of your communication.
Extending 4Ps to 8Ps.
Personally, I like to extend the 4Ps of marketing mix to 8Ps, which I find is more relevant to smaller or medium size business where there are fewer resources and staff tend to take on several tasks and roles within the organisation. So, what are these other Ps:
- Physical Evidence: is everything your customers see/hear/touch/taste/feel when interacting with your business.
- People: is a key factor of any business. Employing and keeping the right people with the right skills is vital for both the long and short-term success of your business.
- Processes: refers to the ‘how’ your business goes about achieving a desired outcome. It is the actionable steps you put in place to minimise costs, save time or streamline tasks.
- Performance: refers to how you are measuring learnings and success to assist improving your strategy and plans.
Integrating the 4Ps and Beyond
Whilst some businesses may solely use the 4Ps of marketing mix as their marketing strategy, a comprehensive marketing strategy goes beyond the 4Ps of marketing mix and ideally should incorporate more elements. Here are seven key elements typically found in a traditional marketing strategy:
- Objectives and Vision: Clearly defined goals and a long-term vision provide direction and purpose to the marketing strategy.
- Analysis and Assessment: Thorough examination of the internal and external environment, including factors such as the competition, industry trends, global influences, economic conditions, and political landscape.
- Unique Selling Proposition (USP): Finding and highlighting the unique features and benefits that set your product or service apart from your competitors.
- Prioritisation and Execution: Finding opportunities and developing strategies to capitalise on them, considering available resources, budget, and the team’s capabilities.
- Target Market and Customer Experience: Understanding the target market and tailoring the marketing efforts to deliver a personalised and exceptional customer experience.
- Communication Plan: This should be two-fold. Firstly, developing an internal communication plan to align employees with the marketing strategy and/or internal promotion to staff. Secondly, creating an external communication plan to reach and engage the target audience to effectively market your product.
- Measurement and Evaluation: Defining key performance indicators (KPIs) and setting up metrics to measure the effectiveness of the marketing strategy, allowing for adjustments and improvements along the way.
The Simple 5-Question Marketing Strategy Model
At Look Deeper Marketing, we have developed a simplified 5-Question Marketing Strategy Model that incorporates the traditional elements of a marketing strategy as well as the 4P’s and the 8Ps of the Marketing Mix, ensuring a comprehensive approach to marketing strategy development.
The 5-Question Marketing Strategy Model is a flexible and easy to use model. The five questions enable learning about your target audience, sets up business and marketing goals, creates a plan for success, whilst creating new ideas, insights, and unpacking challenges to help your business grow and innovate.
Let’s explore how these 5-questions address different elements of the 4Ps and the 8Ps of Marketing:
Question 1: The What?
Essentially, this question determines what product or service you are selling, how you will deliver it to customers, the price you will charge, and analyses the market to identify opportunities and threats.
To be more specific, here is how some of the key points directly relate to the Ps of the Marketing Mix:
- What product am I selling? (Product)
- What price am I selling at? (Price)
- What will be delivered to the market? (Place)
- What analysis and assessment of the internal and external market do I need to perform? (Product, Price, Place)
Question 2: The Why?
This question aims to understand why you are selling this product, why you have chosen a specific price, and why you have decided on particular packaging or presentation.
- Why am I selling this product? (Product)
- Why am I selling at this price point? (Price)
- Why will I package the product as planned? (Place, Physical Evidence)
Question 3: The How?
This question is about considering, creating, and building based on your research and evidence. Consider how much you will sell your product for, how you will get it to customers, how you will make it attractive through packaging and customer experience, and the skills and tools needed to succeed.
- How much am I selling for? (Price)
- How will I deliver the product to the market and the necessary processes to do this? (Place, Processes)
- How will I position the product, considering packaging, look and feel, and customer experience? (Physical Evidence)
- What skillset and tools are needed to deliver the marketing strategy effectively? (Place, People, Process)
Question 4: The Who?
This question asks you to find your target customers and tailor your marketing efforts to reach and attract them.
- Who will buy my product? (Product, Place, Positioning)
- Where do these people hang out? (Place, Promotion)
Question 5: The When?
This question is planning – when and how you will promote your product to your target audience, when you will review your performance, and what tools and technology you will use to manage the timing of your marketing activities.
- When will I communicate to my target audience, through what marketing activities? What will be my timings? (Promotion)
- When will I review and measure my Performance? (Process)
- What are the tools and technology to deliver ‘the when’ (Process)
Creating Success with your Marketing Strategy
A successful marketing strategy involves integrating the 4Ps (and even the 8Ps) of Marketing Mix with other important strategic elements. By understanding and applying these principles, you can create a comprehensive marketing strategy that will help your business thrive.
Whether you choose to focus on the 4Ps, 8Ps or use a traditional marketing strategy template, knowing how these elements work together will give you a strong foundation for marketing success. If you use our DIY 5-Question Marketing Strategy guide you will know you have all bases covered. Download it free here.
About Leanne Di Fazio
Leanne has over 20 years marketing experience in large corporates and small business in Australia and the United Kingdom. She is passionate about helping small business grow and thrive. Leanne is the founder of Look Deeper Marketing: who specialise in marketing, strategy and planning for small business. Look Deeper Marketing bring affordable marketing help to small business in Sydney, across Australia and globally with packaged options so you know exactly what to expect. Look Deeper Marketing taking a deeper look at your marketing.
