Marketing affects your buying decisions daily. From the restaurant you choose for lunch, to the show you'll be watching on Netflix after dinner. So whether you're a consumer or a potential business owner, marketing fundamentals are helpful to know and understand.
So let's start with the basics...
WHAT IS MARKETING?
Marketing can be defined in many ways, but in it’s simplest form it's the science of how a product will be sold and purchased in its market. And like any science, there are many different activities, processes and techniques that have been used, studied, and perfected since, well, forever.
And even though its practices have been in play for over a millenia, the study and organization of marketing found its true form within the last century. This is considered traditional marketing.
Traditional marketing is summed up by the Four P’s (Product, Price, Place, and Promotion). Each is an important part of your marketing strategy.
THE KING OF MARKETING
Today the reigning king of marketing is Apple, and they have been for quite some time.
By combining great storytelling with the courage to push the bar technologically.
Apple sells an experience and an ecosystem unlike any other.
MARKETING the iphone 7
Lets consider their latest flagship phone, the iPhone 7.
In building it, you can bet that Apple took their time in thinking through each of the Four Ps.
- Product - iPhone 7 and iPhone 7 Plus
- Price - Three options (Full price, Contract, Financing)
- Place - In-store and online (Apple, Carriers, Best Buy, etc.)
- Promotion - Commercials, advertisements, and a keynote
Apple's keynotes have become legendary in the marketing world. Each keynote is a grand display of their latest products and services. And masked behind a beautiful display of showmanship, Apple shares their Four Ps:
- They speak and showcase their latest product while demoing its latest features.
- They showcase its price and buying
- They make sure to tell us where we can buy it and how
- They give us a look into their latest video ads, which are always fun and exciting
And when you think about it, it's all a commercial. A two hour commercial that works really well.
The world of marketing is ever changing, especially with the constant introduction of new technologies. And even though some consider the Four P’s outdated, lacking on any of these could hinder the development and success of your product. And just like Apple, who have sold over a billion iPhones to date, the Four Ps should always act as the building blocks to create and release your product.
What are your thoughts on traditional marketing? Do you think the 4Ps are an outdated marketing practice? Tell us your thoughts in the comments below.