4Ps Framework in Formulating Hypothesis

The 4Ps framework or the marketing mix model is a very powerful tool to check the marketing strategy of the company. It focuses on the following Ps:

• Product
• Price
• Promotion
• Place

Let's hear from Soudhakar to know more about the 4Ps framework.

This framework was developed by Neil Borden and simplified by E. Jerome McCarthy. The points in the video are summarised in the image below:

The 4Ps framework is very useful to check if the product/service offered by the company:

• serves the purpose of solving the problem for the customer
• is priced correctly in the market
• is communicated effectively to the customer
• is accessible to the customer

Coming to the problem, the company 'XYZ Tech' has suffered decrement in its ratings for market awareness, consideration and purchase over the past year. Now, since this is a part of your KRA (Key Result Area), you need to solve the issue, so that, the company scores improve.

You know that this is a marketing problem but, you are still unsure why the scores have decreased. Therefore, you should apply the 4Ps framework along with the issue tree framework to reach to the root cause (or causes) of the problem.

Let's proceed with the video to learn how Soudhakar deals with the issue.

The use of frameworks helps you to be thorough in your approach to solve the problem. As mentioned by Soudhakar, these frameworks act as a checklist for you to cover all the areas of the problem. 

The 4Ps framework was based on a marketing problem. In the next segment, you will learn another framework - 5Cs of marketing.