Minding Your Ps and Qs: Refamiliarizing Yourself with the 4Ps and Qs of Marketing
While the origins of "mind your Ps and Qs" is not exactly clear, some scholars credit the saying to 19th-century English pub keepers telling patrons to "mind their pints and quarts" in an effort to stop folks from becoming too unruly.
Through the ages the saying has come to represent various parental warnings - from minding your manners to remembering to say please and thank you - but the common theme is that "minding your Ps and Qs" generally means to be on your best behavior and represent yourself the best way you can.
The same theme applies to the 4Ps and Qs of marketing; by "minding" each, you can represent your company the best way possible.
What Are the 4Ps of the Marketing Mix?
There are four elements that form the foundation of your company's "marketing mix" and work together to differentiate your products or services from competitors in the marketplace. Referred to as the "4Ps" - Product, Price, Place & Promotion - the unique combination of these elements can be highlighted to increase your appeal with prospective customers.
Product: refers to tangible goods or intangible services you provide with an emphasis on unique characteristics.
Price: refers to the price point (or range) the produce or service is offered at.
Place: refers to the location products or services are available for purchase and may include delivery terms.
What are the Qs of Marketing?
While there are no official "Qs" of marketing, in terms of minding Ps and Qs we consider these to be the questions your customers may reasonably have of your company, products or services.
These Qs may include product specifications & benefits, tips for optimal use, corporate values, background or corporate structure, justification of product pricing, or logistical information (to name a few).
It's important for your company to anticipate and address as many Qs as possible throughout your customer's journey, as the information you provide will bring value and build trust with consumers.
The Benefit of Minding Your Ps and Qs
Even though the sale of your company's products and services is ingrained in your day-to-day operations, it can be beneficial to take a step back once in a while and revisit the 4Ps. In taking the time to review these four aspects of your marketing mix, you can find opportunities to gain an advantage over your competition and really set your company apart in the eyes of consumers.
And when you can accurately articulate the characteristics that make your products or services unique, and demonstrate that your know and care about your customers' concerns, you can better position yourself in the market and truly represent your company in the best way possible.