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The Marketing Mix Explained: The 4 Ps of Marketing - YouTube
Channel: Professor Wolters
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Hey there, fellow marketers.
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Professor Wolters here, and
today we're in Vicenza, Italy.
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And today we're gonna talk
about is probably one of the
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most key elements of marketing.
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And that is the marketing
mix, the four P's of
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marketing: product,
price, place, promotion.
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And each one of these things
are key to any marketer,
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understanding their market,
what they're going to do,
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how they're going to succeed.
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And so let's go through
these four kind of basic
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topics to get started.
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Now, you first off you
have your product, right?
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Now, your product
captures value.
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It's something that
people really want.
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And the thing is a product
isn't just a thing.
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It's not just, you know, a
phone or something like that.
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It could be a service.
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It could be an idea.
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Any of these things that
people feel is valuable,
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that's creating it.
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That's something, people
that is something they want.
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Whether it's, I want a hot
dog or I want some bigoli
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pasta here in Vicenza.
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There's something that people
want to have and there's
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things we can do to kind of
increase the value that we
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create with our products.
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I mean, think about it.
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If you have kind of a basic
car, you know, a two door
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car, that's really tiny that
doesn't have a lot of power,
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you don't expect to spend a
lot of money on that, do you?
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No.
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But if you have a car with
nice seats in it and a good
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stereo and all kinds of
stuff like that, like yeah,
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I like this a bit better.
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That's creating
more value from it.
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I really want this more.
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And so you can do those things.
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Think about services.
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If you're a better company
at delivering a good service,
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aren't you willing to pay
more money for a restaurant
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that gives you good service,
than a restaurant that
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gives you bad service?
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So we can create value that way.
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So that's your product, okay.
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Now the next thing we
look at are the prices and
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price is actually how we
actually capture value.
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What does it actually represent?
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How much should people value
these things that we're doing?
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And the thing is how many of
you have been inspired to buy
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something because of the price?
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Oh, buy one, get one free.
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Sure, I'll get that.
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Or it's 50% off,
sure, I'll buy that.
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Price is really an
important thing.
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And as a marketer, you can use
that to market your products.
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Hey, we're the
dollar store, hello?
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You have these kinds of things.
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You have that.
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And so when you're looking
at price, you gotta realize
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is price is different things.
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Like there's actually a
price that people pay, right?
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There's the manufacturer
suggested retail price,
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we might look at that.
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But really price depends on how
people value that product, okay.
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Because I may feel something's
worth $10 and you might
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think it's worth $5.
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We have different
values for those things.
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So we gotta find the
right price that captures
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that value for people.
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Because if you think
about it, if I say, hey,
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I'll give you a two-week
trip to Italy for $2,000.
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You're like, wow, that
sounds like a great deal.
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Well, yeah, if you're flying
from Illinois to Italy tomorrow,
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yeah, 2000 bucks, that's
just going to be your plane
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ticket, let alone a hotel and
eating and stuff like that.
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But the thing is, if you're
living in Padova or Venice,
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which is like, you know, 40
minutes away, you're like,
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why would I spend two grand
to go to Vicenza when I
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could stay at my own house?
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There's no value there for me.
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So you really have to think
about it in a perspective
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kind of thing, all right.
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So think about that.
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Also, when you think about
prices, you want to think about
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how people think about prices.
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Historically speaking,
I mean, ask a college
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students what their parents
said when they told their
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parents what the tuition
bill was like, oh my God!
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When I went to school, it
was only a couple of hundred
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dollars, or a couple thousand
dollars, and now it's like a
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couple hundred thousand dollars.
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Well, yeah, over time,
historical prices do change.
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So that's something
you got to think about.
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And another thing you gotta
look at is capturing that value
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with price is sometimes you
look at it in terms of, you
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know, quantity, quality, these
kinds of things like yeah.
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If you're gonna be flying here
to Italy from the US, yeah, you
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can fly economy, no problem.
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You can find nonstop Chicago
to Venice, easiest pie, but
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you're gonna pay more than
if you fly to Paris first
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and then fly to Venice, okay.
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So we realized that, hhm, people
value that direct flight more
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than taking a connector flight,
so we can charge more for that.
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Okay.
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So you see those
things out there.
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Also, people are willing to
pay more money for business
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class or first class.
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Cause they get, you know,
maybe better service or
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better food or more leg room,
so I have plenty of space.
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So I get here and
I feel relaxed.
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So we look at
those things, okay.
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When you're looking at
capturing those values, okay.
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Now the third P we're
looking at is place, that
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is delivering the value.
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How are we gonna
deliver that value?
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Well, you think about it, think
about the retail places you're
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going to sell your product in.
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Won't that influence
how it's perceived?
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If I'm selling it at a
cheap store, it's gonna
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be perceived as cheap.
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If I sell it at a high
end store, it's gonna
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be seen as a higher end,
more quality product.
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And so we have those.
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Think about your website.
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Do you buy stuff from a website
that looks kind of shady?
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Heck no, you don't do that.
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And you're like, it's
gotta look legit for me to
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give them my credit card.
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That's also part of
delivering the value.
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But also how do we deliver
the value of a good night's
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sleep at a hotel, right?
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We have to think about that.
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What goes all into that?
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Oh, having good beds, nice
pillows, quiet walls, maybe
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not near a street, or thick
windows to block the sound.
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We have to think about all those
things that we need to do in
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order to deliver the value to
people, to that place, okay.
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And then the fourth
P is promotion.
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We need to promote
our goods, right?
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We need to promote our
products and promotion is
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communicating that value.
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We need to let people know.
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I mean, think about it.
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Has there ever been a
concert you heard about
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after the concert happens.
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Or a friend of yours was
in town that you found out
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after they posted their
pictures on Instagram.
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Like, wait, you were in town?
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I didn't even know.
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Well, the same problem
happens for companies.
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We've got to
communicate that value.
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Let people know when the concert
is, let them know what kind of
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food we have at that restaurant.
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Because if people don't
know what Bob's restaurant
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has they probably won't go
there because they don't
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know what Bob's is serving.
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And the thing is that fourth P,
that promotion, is probably the
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most common thing people think
about when they think of the
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four P's of marketing, when they
think of marketing in general.
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They think of more
the advertising side
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of things, right.
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We're communicating
to the customer.
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We're promoting to the customer.
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But the thing is, market is
much more than just advertising.
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Marketing is creating
those new products, right?
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We're trying to figure
out what to make.
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So the first P.
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We're also trying to figure out
how we price things for pricing
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kind of stuff, capturing what
it's really worth for people.
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We have that.
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Deciding where we're
gonna sell and how we're
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going to sell things.
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That's that place thing,
delivering the value.
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All these things go together
to make our marketing mix.
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And what you need to realize
is all these are important
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for when you're trying
to sell your products or
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promote your products.
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Whether it's ads
or stuff like that.
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So I hope this gives you
like a nice, basic idea of
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what the marketing mix is,
what those four P's are.
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If it does give you a good idea,
hey, give me a thumbs up, so
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I know we're doing a good job.
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If it doesn't just leave
a comment down below or
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something like that, so
we have an idea there.
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But I hope this does help
to give you an idea of
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the four P's of marketing.
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If you wanna learn more
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And maybe helping to get
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So I do appreciate your
likes and your subscriptions
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and have a great time.
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And I'll say bye
from here in Vicenza.
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