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The four Ps are a 鈥渕arketing mix鈥� composed of four key elements鈥攑roduct, price, place, and promotion鈥攗sed when marketing a product or service. Typically, businesses consider the four Ps when creating marketing plans and strategies to effectively market to their target audience.听

Although there are many other 鈥渕arketing mixes,鈥� the four Ps are the most common and foundational to creating a successful marketing plan. In this article, you will learn more about their purpose and history and find a detailed breakdown of the four Ps.

Read more: What Does a Marketing Coordinator Do? Your 2024 Guide

What are the 4Ps of marketing? (Marketing mix explained)

The four Ps are product, price, place, and promotion. They are an example of a 鈥渕arketing mix,鈥� or the combined tools and methodologies marketers use to achieve their marketing objectives.听

The 4 Ps were first formally conceptualized in 1960 by E. Jerome McCarthy in the highly influential text Basic Marketing, A Managerial Approach []. McCarthy noted that while the book's text was聽 鈥渟imilar to that found in the traditional texts, the approach is not.鈥澛�

McCarthy鈥檚 novel approach was influenced by the still-recent 鈥渕arketing mix鈥� concept, which Harvard Business School professor Neil. H. Borden popularized in the 1950s. Borden himself had been influenced by a 1948 study written by James Culliton, in which the author equated business executives to 鈥渁rtists鈥� or 鈥渕ixer[s] of ingredients鈥� []. Rather than using the same approach for every situation, Culliton and Borden recognized that successful executives mixed different methods depending on variable market forces instead.听

McCarthy streamlined this concept into the four Ps鈥攑roduct, place, price, and promotion鈥攖o help marketers design plans that fit the dynamic social and political realities of their time and target market. In effect, the purpose of the four Ps remains the same today as when McCarthy first published his book: 鈥渄eveloping the 鈥榬ight鈥� product and making it available at the 鈥榬ight鈥� place with the 鈥榬ight鈥� promotion and at the 鈥榬ight鈥� price, to satisfy target consumers and still meet the objectives of the business鈥� [].

The four Ps

The four Ps form a dynamic relationship. Rather than taking priority over the other, each is considered equally important in crafting a strategic marketing plan.听

Product

The product is the good or service being marketed to the target audience.听

Generally, successful products fill a need not currently being met in the marketplace or provide a novel customer experience that creates demand. For example, the original iPhone filled a need in the market for a simplified device that paired a phone with an iPod, and the Chia Pet provided a humorous, utterly unique experience for consumers.听聽聽聽

As you are working on your product, it is essential to consider your target audience and their unique needs. Some questions to consider when working on a product include:聽

• What is your product?聽

• What does your product do? Does the product meet an unfilled need or provide a novel experience?聽

• Who is your product鈥檚 target audience?聽

• How is your product different from what others offer?聽

笔谤颈肠别听

Price is the cost of a product or service.听

When marketing a product or service, it is important to pick a price that is simultaneously accessible to the target market and meets a business鈥檚 goals. Pricing can have a significant impact on a product's overall success. For example, if you price your product too high for your targeted audience, very few will likely purchase it. Similarly, if you price your product too low, some might pass it up simply because they are concerned it might be of inferior quality and cut into your potential profit margins.听

To identify a successful price, you must thoroughly understand your target audience and their willingness to pay for your product. Some questions you might ask yourself as you are considering your product鈥檚 price include:

• What is the price range of your product鈥檚 competitors?聽

• What is the price range of your target audience?聽

• What price is too high for your audience? What price is too low?聽

• What price best fits your target market?聽

Place

Place is where you sell your product and the distribution channels you use to get it to your customer.听

Like price, finding the right place to market and sell your product is key to reaching your target audience. If you put your product in a place your target customer doesn鈥檛 visit鈥攐nline or offline鈥攜ou will likely not meet your sales target. The right place can help you connect with your target audience and set you up for success.听

For example, imagine you are selling an athletic shoe you designed. Your target market is athletes in their early twenties to late thirties, so you decide to market your product in sports publications and sell it at specialty athletics stores. By focusing on sports stores over shoe stores in general, you target your efforts to a specific place that best fits your marketing mix.听聽

To decide the best place to market and sell your product, you should consider researching the physical or digital places where your target audience shops and consumes information. Some questions to consider include:聽

• Where will you sell your product?

• Where does your target audience shop?聽

• What distribution channels are best to reach your target market?聽

Promotion

Promotion is how you advertise your product or service. It is how you get the word out about your product with an effective marketing campaign that resonates with your target audience.听

There are many different ways to promote your product. Some traditional methods include word of mouth, print advertisements, and television commercials. In the digital age, though, there are even more marketing channels that you can use to promote your product, such as content marketing, email marketing, and social media marketing.听聽

聽Some questions to consider as you are working on your product promotion include:聽

• What is the best time to reach your target audience?聽

• What marketing channels are most effective for your target audience?聽

• What advertising approaches are most persuasive to your target audience?

Other marketing mixes

The four Ps aren鈥檛 the only marketing mix used today. Other modern marketing mixes include the 5 Ps, the 7 Ps, and the 5 Cs. Although each reflects certain aspects of the four Ps, it also possesses some unique elements that alter its emphasis on the marketing process.

The five Ps

The five Ps are product, price, place, promotion, and people.听

Today, many marketers use the 5 Ps over the 4 Ps because they centre on customers' and staff's experiences in the marketing process. Typical considerations include how customers behave, their product experience, and overall satisfaction with the business.

The seven Ps

The seven Ps are product, price, place, promotion, people, processes, and physical evidence.听

The seven Ps further elaborate the five Ps, adding considerations of the processes defining the customer experience and the physical evidence the target market needs to see to become customers. While processes might involve the specific customer service processes that define a product, physical evidence can be websites or store displays that help the target market imagine themselves using the product.

The five Cs

The five Cs are customer, company, competition, collaborators, and climate.听

In some respects, the five Cs reflect many of the same concerns of the four and five Ps, but with added emphasis on external factors, such as possible outside collaborations and competitive research.听

Furthermore, while 鈥渃limate鈥� refers to the social, political, and economic context surrounding the market, 鈥渃ustomer鈥� refers to the target market and customer experience, and 鈥淐ompany鈥� refers to the company's place and its available resources in the marketing process.听

Get market ready

Effective marketing takes time, but proper preparation can yield outstanding success. As you look to your next marketing endeavour, define your Ps with from IE Business School. Just getting started in marketing? Build the skills you need for an entry-level role with the or Professional Certificates on 糖心vlog官网观看.