THE 4P'S OF MARKETING – PRODUCT

The 4P's of marketing is a concept familiar to everyone involved in marketing. Developed by Philip Kotler, often considered the father of marketing, the 4P's concept is highly significant in the marketing world.

At the core of marketing is the customer. Therefore, understanding and meeting customers' expectations and demands is crucial in designing products or services accordingly. Firstly, there must be a product, which should be priced according to market conditions. Subsequently, the product needs to be delivered to consumers and ultimately sustained in the market. The 4P's of marketing are:

  • Product
  • Price
  • Promotion
  • Place (Distribution)



    Product Overview

    A product is an object created by combining raw materials through various processes. Marketing starts with product planning. Decisions within the 4P framework include how to reach the market, the business domain, and defining product features.

    It is essential to correctly identify and understand the characteristics of the product, such as its ingredients, taste, scent, shape, mechanical structure, and packaging. In short, one must be aware of the benefits of the product being marketed.

    Key Points in Product Marketing

    • Consumers essentially purchase benefits, meaning they consider the benefits products will provide.
    • Marketing managers aim to design products that meet consumer expectations, demands, and needs.

    Classification of Products in Marketing

    Products are classified for various purposes, revealing common characteristics. This classification supports the accurate determination of strategies related to product execution. Products can be classified based on two important criteria:

    • Types of Products Based on Durability

    • Non-durable products: Frequently purchased items in daily life, used once or a few times, typically fast-moving consumer goods (e.g., food and hygiene products, gasoline - diesel). These products, which generally have low profit margins, require widespread availability and strong brand loyalty through intense advertising.
    • Durable products: Less frequently purchased and used over a longer period, such as appliances and automobiles. These products, which typically have higher profit margins, require seller guarantees important to consumers and often involve significant personal sales efforts.

    Types of Products Based on Users

    • Consumer products:
      • Convenience products
      • Shopping products
      • Specialty products
      • Unsought products
    • Industrial (organizational) products

    Differences Between Product and Service Marketing

    Brands are divided into two main groups: product providers and service providers. Products are tangible entities that can be physically possessed, while services are services offered to consumers for a specific period. The strategies for reaching and attracting customers with products and services are very different.

    Products

    • They are tangible assets that can be owned indefinitely.
    • The relationship with the producer ends when it reaches wholesalers or retailers.
    • There is no change in the consumer's experience as long as there is no defect in the product.
    • Examples: Food, books, clothing.
    • In product marketing, product features are emphasized, and stability is highlighted.


      Services

      • They are intangible, not possessable, and can be experienced for a temporary period.
      • The service cannot be separated from the provider's brand, and different results are expected each time.
      • Examples include gyms.
      • During the period of service utilization, the consumer is a customer of that brand.
      • In service marketing, highlighting the process and experience is crucial.


        Special cases that include both the product and service sectors can be seen in car dealerships, for example. The purchased car is a product, while the assistance provided by the staff during selection is a service. Similarly, this applies to restaurants. The food served is considered a product, while the service provided by employees varies based on numerous factors. Therefore, for effective restaurant marketing, emphasis should be placed on both the taste of the product and the quality of service.