marketing mix marketing mix 4Ps marketing organisation
The 4 P’s of Marketing were developed, way back in 1960 by Jerome McCarthy, as a way to give structure to what was then being called the Marketing Mix, which basically meant the tools that an organization uses to achieve its marketing objectives. What are the 4 P’s?
Product is what the marketer offers to the buyer. It can be a physical good, a service being performed, or intangibles like prestige, excitement, comfort, etc.
Price is what the marketer charges the buyer to receive the product. Usually, we think of price as a monetary cost, but price or compensation can involve a number of non-monetary costs as well, such as time, effort, or psychological discomfort.
Promotion represents the communication efforts that marketers make to tell customers about their product offerings, and to facilitate the exchange of product for price.
And Place which also is called “Distribution,” refers to how marketers get the product to the customers, hopefully as conveniently as possible.
Although other approaches now exist, the 4 P’s of Marketing can still help you to provide structure to your marketing efforts
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