070: The 4 Ps of Marketing: Product, Price, Promotion and Place
Marketing is defined as, “the action or business of promoting and selling products or services, including market research and advertising.” The traditional marketing mix is the combination of the four controllable variables – PRODUCT, PRICE, PROMOTION and PLACE. Essentially, putting the right product in the right place, at the right price, at the right time. Sounds easy enough, right? Months, sometimes years’ worth of research are invested into developing the right marketing mix. If just ONE of the four variables is even slightly off the mark, a promising, innovative, revolutionary product or service can totally flop. Having the proper marketing mix is crucial in understanding and developing a product or service offering and/or launch plan. The 4 P’s concept was created by Edmund Jerome McCarthy, a Notre Dame marketing professor, in his 1960 book, “Basic Marketing: A Managerial Approach.” McCarthy’s innovative, at the time, approach to marketing focused on problem solving the challenges that marketers most often face. Rather than simply defining marketing, McCarthy sought to revolutionize marketing by leveraging relevant knowledge from sociology, philosophy, and psychology. Discovering WHY customers purchased a product, understanding the psycho-analytics behind a purchase, ultimately analyzing consumer behavior. Quote: “Many companies have forgotten they sell to actual people. Humans care about the entire experience, not just the marketing or sales or service. To really win in the modern age, you must solve for humans.” — Dharmesh Shah Remember that the 4 Ps of MARKETING is a dynamic concept that requires constant monitoring. It’s important to be aware of trends and innovations in your industry to ensure your MARKETING MIX is relevant. Depending on these changes in your market, one P within the MARKETING MIX may require more or less focus and/or dedicated resources. This framework is valuable to any individual or organization that’s considering releasing a new product, starting a new business, expanding into new territories and beyond. https://mruddo.com