Marketing a business goes beyond advertising.
While advertising is important, you need to consider various other factors to convince prospects that your product or service is exactly what they need.
What are the 4 Ps of marketing?
The 4 Ps of marketing - product, price, place, and promotion - also known as the marketing mix, is a popular marketing concept essential to ensure any business’ success.
This idea dates back to the 1940s, when Neil H. Borden, Professor of Advertising at the Harvard Graduate School of Business Administration, coined the term “marketing mix”.
Borden identified the 12 components of the marketing mix:
- Product planning
- Pricing
- Branding
- Channels of distribution
- Personal selling
- Advertising
- Promotions
- Packaging
- Displays
- Servicing
- Physical handling
- Fact-finding and analysis
Later, in 1960, Edmund Jerome McCarthy, an American professor and author, developed the concept of the 4Ps of marketing in his book "Basic Marketing: A Marketing Strategy Planning Approach".
He summarized the 4 Ps as follows:
- Product: A good or service
- Price: The amount a customer or consumer pays for a good or service
- Place: The location where you market a good or service
- Promotion: How you advertise a good or service
McCarthy published his book 50 years ago, but many marketers today rely on his approach to grow their businesses and train their teams.
The first P of marketing: product
A product is a value your company creates and what people pay you for. It can be tangible...
Read Full Story: https://learn.g2.com/4-ps-of-marketing
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