The 4 Ps of Marketing
A model for enhancing the components of your marketing mix.
The 4 Ps of marketing is a model for businesses to enhance the components of their "marketing mix" – the way in which they take a new product or service to market. It helps them to define their marketing options in terms of price, product, promotion, and place so that their offering meets a specific customer need or demand.
The four Ps are: Product, Price, Place, and Promotion.
- Type: Marketing Framework
- Core Idea: Marketing Mix
- Key Elements: Product, Price, Place, Promotion
The Four Ps
Understanding the marketing mix.
Product
Product refers to the item or services that the business offers. The product should meet a certain customer need or demand. Marketers must understand the life cycle of a product, and business executives must have a plan for dealing with products at every stage of their life cycle.
Price
Price is the cost consumers pay for a product. Marketers must link the price to the product's real and perceived value, but they also must consider supply costs, seasonal discounts, and competitors' prices.
Place
Place is where the company sells its product and how it gets the product to the customer. The goal of business executives is always to get their products in front of the consumers that are the most likely to buy them.
Promotion
Promotion includes advertising, public relations, and promotional strategy. The goal of promoting a product is to reveal to consumers why they need it and why they should pay a certain price for it.
Implementation & Strategy
Costs, timelines, and strategic considerations for adopting the 4 Ps of Marketing.
Estimated Project Costs
The 4 Ps of Marketing is a strategic planning tool, so it doesn't have a direct cost. However, there are costs associated with the time and resources that you dedicate to the process. These costs can range from a few hundred dollars to several thousand dollars, depending on the size and complexity of the organization.
Implementation Strategy
A typical 4 Ps of Marketing analysis starts with a brainstorming session to identify the four Ps for your product or service. From there, you can develop a marketing plan to address the issues that were identified. The final step is to implement the plan and to monitor and adjust it over time.
Comparisons
How the 4 Ps of Marketing stacks up against other marketing frameworks.