(1) Product Strategy
Product strategy mainly refers to the way that enterprises achieve their marketing goals by providing various tangible and intangible products that meet the needs of consumers to the target market. This includes the combination and application of controllable factors such as product variety, specifications, style, quality, packaging, characteristics, trademarks, brands and various service measures.
(2) Pricing Strategy
Pricing strategy mainly refers to the way that enterprises achieve their marketing goals by setting and adjusting prices in accordance with market rules. This includes the combination and application of controllable factors such as basic price, discount price, allowance, payment period, commercial credit and various pricing methods and pricing techniques.
(3) Channel Strategy
Channel strategy mainly refers to the way that enterprises achieve their marketing goals by reasonably selecting distribution channels and organizing the physical circulation of goods. This includes the combination and application of controllable factors such as distribution channel coverage, commodity circulation links, intermediaries, network establishment, storage and transportation.
(4) Promotional Strategy
Promotional strategy mainly refers to the way in which enterprises use various information dissemination methods to stimulate consumers’ purchasing desire and promote product sales to achieve their marketing goals. It includes the combination and application of controllable factors related to promotion, such as advertising, personal selling, business promotion, public relations, etc.
The combination of these four marketing strategies, because their first letters in English are “P”, is called the “4P” theory, and with the addition of strategy, it is also commonly called “4P’s”. McCarthy’s “4P’s” combination was quickly widely recognized because of its moderate abstractness, simplicity and easy to remember, and became the basic model in various marketing textbooks around the world.