The 4 Ps of marketing

The 4 Ps of marketing play a huge role in your client experience and how consumers perceive the value of your goods or services.

The marketing mix is first mentioned in 1948 by a Professor of Marketing at Harvard University, Prof. James Culliton. The modern version of the 4 Ps go back to the 1960s when Philip Kotler & E. Jerome McCarthy created them.

The 4 Ps of marketing are used by companies to make crucial decisions for their business, including what consumers are looking for, how their product or service stands with their consumers, how their product or service is viewed in the world, how they differentiate from their competitors, and what their customer experience is like.

What are the 4 Ps?

Product
Price
Place
Promotion

Product

The product can be a good or service.

Some things that a company may need to make decisions on are:

Product features
Variations in product
Returns or trade ins
Packaging
Guarantees/warranties

Price

The price is what the customer or client pays for the good or service. The price a company sets can determine how the consumer perceives the value.

Some things that a company may need to make decisions on are:

Setting the price
Discounts
Payment terms- credit options, payment options

Place

Place is where the product or service is sold. This can be very specific such as what shelf a product is sold at in a specific store.

Some things that a company may need to make decisions on are:

Inventory
Store
Store placement
Selling online
Drop shipping
Transport, warehousing and logistics

Promotion

Promotion is the communication between the company and consumer. This would include advertising, public relations, and promotional strategy. This is where having a Marketing Strategy is vital to your companies success.

Some things that a company may need to make decisions on are: