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    Four Ps

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    Bek Ah
    The document discusses the four Ps of marketing, which are product, price, place, and promotion. It explains how each P works and provides examples. The four Ps help businesses understand customer wants, how their offering meets needs, how it compares to competitors, and customer interactions.

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    © All Rights Reserved
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    Four Ps

    Uploaded by

    Bek Ah
    14 views2 pages
    The document discusses the four Ps of marketing, which are product, price, place, and promotion. It explains how each P works and provides examples. The four Ps help businesses understand customer wants, how their offering meets needs, how it compares to competitors, and customer interactions.

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    Four Ps

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    The document discusses the four Ps of marketing, which are product, price, place, and promotion. It explains how each P works and provides examples. The four Ps help businesses understand customer wants, how their offering meets needs, how it compares to competitors, and customer interactions.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    14 views2 pages

    Four Ps

    Uploaded by

    Bek Ah
    The document discusses the four Ps of marketing, which are product, price, place, and promotion. It explains how each P works and provides examples. The four Ps help businesses understand customer wants, how their offering meets needs, how it compares to competitors, and customer interactions.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    Four Ps

    Understanding the 4 Ps
    Neil Borden popularized the idea of the marketing mix—and the concepts that
    would later be known primarily as the four Ps—in the 1950s. Borden was an
    advertising professor at Harvard University, and his 1964 article "The Concept of
    the Marketing Mix" demonstrated the ways that companies could and do use
    advertising tactics to engage consumers.

    Borden's ideas were influential for many in the business world. The ideas were
    developed and refined over a number of years. In particular, they were
    encapsulated by E. Jerome McCarthy, who narrowed them down to the idea of
    the "4 Ps," a term that is still used today. E. Jerome McCarthy was a marketing
    professor at Michigan State who popularized the term "the 4 Ps" in the 1960
    book he co-wrote, Basic Marketing: A Managerial Approach.

    Before the internet and greater integration between businesses and consumers,
    the marketing mix helped companies account for the physical barriers that
    prevented widespread product adoption. Extensions of the Ps include people,
    process, and physical evidence as important components of marketing a product.
    All of these concepts are still put to use in marketing today.

    How the Four Ps Work


    The 1st P: Product
    Product refers to a good or service that a company offers to customers. Ideally, a
    product should fulfill a certain consumer demand or be so compelling that
    consumers believe they need to have it. To be successful, marketers need to
    understand the life cycle of a product, and business executives need to have a
    plan for dealing with products at every stage of their life cycles. The type
    of product also partially dictates how much businesses can charge for it, where
    they should place it, and how they should promote it in the marketplace.

    The 2nd P: 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. In some cases, business executives
    may raise the price to make a product seem more like a luxury or lower the price
    so more consumers can try the product.

    Marketers also need to determine when and if discounting is appropriate. A


    discount can sometimes draw in more customers, but it can also give the
    impression of the product being less exclusive or less of a luxury than when it is
    at a higher price.
    The 4 Ps are used by businesses to identify key factors such as what consumers
    want from them, how their product or service meets or fails to meet those needs,
    how their product or service is perceived in the world, how they stand out from
    their competitors, and how they interact with their customers.
    The 3rd P: Place
    Place decisions outline where a company sells a product and how it delivers the
    product to the market. The goal of business executives is to get their products in
    front of the consumers most likely to buy them.

    In some cases, this may refer to placing a product in certain stores, but it also
    refers to the product's placement on a store's display. In some cases, placement
    may refer to the act of placing a product on TV shows, films or web pages to
    garner attention for the product, but this placement overlaps with the promotion.

    The 4th P: Promotion


    Promotion includes advertising, public relations, and promotional strategy. This
    ties into the other three Ps of the marketing mix as promoting a product shows
    consumers why they need it and should pay a certain price for it. In addition,
    marketers tend to tie promotion and placement elements together so they can
    reach their core audiences.

    For example, In the digital age, the "place" and "promotion" factors are as much
    online as offline. Specifically, where a product appears on a company's web page
    or social media, as well as which types of search functions trigger corresponding,
    targeted ads for the product.

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