In: Economics
What are the 4Ps in marketing?
The concept of 4Ps in marketing was given by Neil Bordan in the 1950s. They are essential factors which come into play in marketing a good or a service to the people. The 4Ps are Product, Price, Place, and Promotion.
KitKat's utilisation of the 4Ps in Japan -
Product - Nestle's KitKat is a popular wafer based chocolate. It comes in various sizes with the 4-finger one being the most popular. In Japan, the half-finger sized (small) KitKat was introduced which gained popularity with the people there. It also offers a wide variety of flavors to its customers. There have been around 200 variants of KitKat released in Japan which includes flavours such as ginger ale, soy sauce, green tea and banana.
Price - KitKat is a moderately priced chocolate and is consumed worldwide. It is priced in a way to compete with the existing competitors in the market. It has maintained its price over the years. In Japan, KitKat's price has ensured that it has retained a high consumer loyalty and is often an impulsive buy among the people of all ages.
Place - KitKat is produced in 16 countries by Nestle. It also has a strong distribution and marketing strategy which uses local and regional triggers for the consumer. In Japan, Nestle also has a dedicated chocolatory (chocolate laboratory) that allows customers to experience KitKat in their choice of ingredients and flavors.
Promotion - KitKat regularly reinvents itself with new flavors to repeatedly catch consumers' attention. It has long used the slogan - “ Have a break, have a KitKat “.This slogan helped to popularise the brand as something which is more than a chocolate, and a snack which can be consumed anytime of the day. Further, Google has also used KitKat as one of its Android version giving it further popularity in a tech driven Japan. Additionally, Kitkat has regularly used traditional advertising methods of television advertisements, posters and billboards along with newspapers and social media to boost sales.