The Four Ps of Marketing

Marketing Mix, a term coined by Neil Borden, is the ingredients that combine to capture and promote a brand or product’s unique selling points, those that differentiate it from its competitors. The ideas behind Borden’s model were refined over the years until E. Jerome McCarthy reduced them to 4 elements called “The Four Ps.” This proposed classification has been used by marketing companies, branding agencies, and web design companies throughout the world.

The Four Ps Model

1. Product –

The first of the Four Ps of marketing is the product. A product can be either a tangible good or an intangible service that fulfills a need or want of consumers. Whether you sell custom pallets and wood products or provide luxury accommodations, you must have. A clear grasp of exactly what your product is and what makes it unique before you can successfully market it.

2. Price –

Once a concrete understanding of the product offering is established we can start making some pricing decisions. Price determinations will impact profit margins, supply, demand, and marketing strategy. Similar (in concept) products and brands may need to be positioned differently based on varying price points, while price elasticity considerations may influence our next two Ps.

3. Promotion –

We’ve got a product and a price now it’s time to promote it. Promotion looks at the many ways marketing agencies disseminate relevant product information to consumers and differentiate a particular product or service. Promotions include elements like advertising, public relations, social media marketing, email marketing, search engine marketing, video marketing, and more. Each touchpoint must be supported by a well-positioned brand to truly maximize return on investment.

4. Place –

Often you will hear marketers saying that marketing is about putting the right product, at the right price, at the right place, at the right time. It’s critical then, to evaluate what the ideal locations are to convert potential clients into actual clients. Today, even in situations where the actual transaction doesn’t happen on the web, the initial place potential clients are engaged and converted is online.