Doing marketing, just focus on the 4P is enough

So what exactly is marketing?

You might not be able to give a definition, but I guess you can definitely recall many memorable cases, like the KFC “Crazy Thursday” event planning, the Element Fresh slogan “Zero Sugar, Zero Fat, Zero Calories,” or the 2023 BYD “We Are Together” video ad, the collaboration between HeyTea and Fendi, and so on. We’d say these brands are really good at marketing.

Indeed, all these fall under marketing, but they represent only a very small part of it and are not how business owners view marketing.

So, what is real marketing?

Marketing guru Kotler once gave a definition: “Marketing is the process by which businesses create value for customers and build strong customer relationships to capture value from customers in return.”

It may sound complicated, but if we break it down, you only need to remember three keywords:

The first one is “create value.” The product or service provided by a business should be valuable to customers; this is the foundation of marketing.

The second one is “capture value.” Businesses are not charity organizations; if they create value for customers, they should receive corresponding returns from customers. This is the basis for any sustainable business activity.

The third one is “build strong customer relationships.” Typically, the relationship between a business and its customers involves multiple transactions and interactions over a longer period. Therefore, maintaining and securing loyal customers is also a consideration in marketing.

Take this course as an example. This course can be seen as a product I offer, creating value for others. I promote the course through this platform, matching it with your need to learn marketing. We then engage in a transaction where you receive knowledge as a service, and I receive financial compensation.

Of course, in the future, we will interact within this course, and you might follow my Knowledge Hub. This creates a customer relationship. If I launch another course in the future, I can inform you through Knowledge Hub, and you might purchase again. This is a simplified breakdown of marketing based on this course.

When you dissect what I just explained, you’ll realize that marketing is not just about promotion; it involves a series of business activities. You have to consider the value of the product, have channels, and find ways to maintain long-term contact with customers, among other things.

There are many things we can do within this realm, and it can be overwhelming. How can we quickly and effectively analyze and execute marketing activities?

You may have heard of various frameworks, but the most classic one is the 4P, even though some have expanded it to 7Ps or even 12Ps, and others have proposed models like 4Cs.

However, in my many years of marketing experience, having dissected and managed over a hundred marketing cases, the most crucial lesson I’ve learned is that the 4P framework is the most practical and effective.

Every marketing activity for any business cannot escape the 4P; you could even say that marketing is all about the 4P.

When you get used to thinking and evaluating marketing issues through the lens of the 4P, you’ll realize that it’s like having a third eye that allows you to understand and explain any new marketing practice, phenomenon, or concept.

I said that marketing is all about the 4P because they are the framework that encompasses all aspects of marketing activities.

Regardless of the business, you will always have a product, a price, a distribution channel, and various promotional efforts. The 4P framework allows us to execute marketing activities more simply, quickly, and systematically.

The second reason is that the 4P framework is timeless. No matter how technology advances or how consumer buying behavior changes, this framework remains valid. For example, twenty years ago, many products were mainly distributed through supermarkets. Now, it’s e-commerce, food delivery, and even live streaming. However, these changes only affect the form of the distribution channel, not the fundamental structure of the 4P.

So, I say marketing is all about the 4P. Despite the apparent evolution in the marketing field over the years, it has never left the confines of the 4P framework.

When you think about marketing problems and solutions using the 4P, you’ll find that it’s a versatile and adaptable framework that can handle the complexities of modern marketing.

Speaking of the practicality of the 4P framework, let’s take a closer look at how the 4P are interconnected.

Although the four elements—product, price, place, and promotion—are conceptually independent and serve different functions, in actual marketing practice, they often overlap and interact with each other, sometimes even to the point of being indistinguishable.

Let me give you some examples. Consider a product being featured on a live broadcast hosted by a popular influencer. In this scenario, what role does the host play in terms of the 4P? Primarily, they serve as a distribution channel, facilitating the sale of the product. However, since the influencer has a massive following, their participation also serves as a promotional activity.

In this example, the channel and promotion elements overlap as the influencer is both a distribution channel and a promotional vehicle.

Similarly, consider a well-known supermarket chain, like Pinduoduo. They decided to offer a unique packaging size for a particular brand of milk. This packaging size was not available in other retail channels, such as supermarkets and convenience stores.

Why did they do this? Because Pinduoduo’s positioning is focused on affordable snacks. Currently, they have over 2,000 stores, and they needed products that could fit their target audience’s preferences and budget. So, the brand had to adapt its product to this unique distribution channel.

This highlights the impact of the distribution channel on product development and pricing.

In marketing, channel and product often overlap.

Furthermore, when one element of the 4P changes, the other three elements often change accordingly.

For instance, the rise of food delivery platforms significantly impacted product offerings in the restaurant industry. Restaurants had to adapt their menus to cater to delivery, leading to changes in their pricing strategies as well. This shift affected not only the product but also pricing, distribution, and promotion.

So, it’s crucial to recognize that the 4P are not isolated components; they are part of an interdependent system. When planning marketing activities, we must consider all four elements and adjust them accordingly.