The 4 Ps of Marketing, also called the Marketing Mix, are the four pillars that shape a marketing campaign, and differentiate the presentation of one product from another. It is a long-standing practice to consider these four main features when marketing a product or service, as they help shape the approach one takes when doing so.
Traditionally, the 4 Ps of Marketing are:
Product and Price are fairly straightforward: what is your product and how much will it cost to consumers? Promotion refers to your positioning in the advertising and marketing of your product, and Place is more than just the physical or virtual placement of your product for sale, but where the advertisements and marketing campaigns will be placed in order to attract the most customers.
Throughout the years, additional Ps have shown up in the Marketing Mix including Process, People and Physical Evidence. However, our TACK10 choice for the bonus P in the mix has to go to Partnership. A strategic partner plays an important part in the growth of any brand, and can help dramatically with the decisions made surrounding each step in the Marketing Mix. The natural collaboration that occurs when brands form strategic partnerships with one another lends to mutual promotion, and stronger brain power when dealing with important decisions like pricing.
Strategic partnerships enable brands to reach new and potentially broader audiences through their marketing efforts; to gain access to new technologies, skills, or ways of thinking; to generate higher revenue due to the value of additional campaigns, initiatives, or activations; and to spread the workload required to create a successful marketing campaign.
Do you agree that Partnership should become a staple in the Marketing Mix? We’d love to hear what you think. Reach out to us via email or social media to let us know!