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The 4 Ps
REVIEWED BY ALEXANDRA TWIN | Updated Jun 25, 2019
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[Important: the four Ps collectively make up an essential mix needed for a company to
market a good or service].
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Understanding the 4 Ps
Neil Borden popularized the idea of the marketing mix and the concept of the four Ps in the
1950s. Before the internet and greater integration between businesses and consumers, the
marketing mix helped companies account for the physical barriers that prevented
widespread product adoption.
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Marketers also need to determine when and if discounting is appropriate. A discount can
sometimes draw in more customers, but it can also give the impression of the product being
less exclusive or less of a luxury than when it is at a higher price.
In some cases, this may refer to placing a product in certain stores, but it also refers to the
product's placement on a store's display. In some cases, placement may refer to the act of
placing a product on TV shows, films or web pages to garner attention for the product, but
this placement overlaps with the promotion.
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For example, In the digital age, the "place" and "promotion" factors are as much online as
offline. Specifically, where a product appears on a company's web page or social media, as
well as which types of search functions trigger corresponding, targeted ads for the product.
Key Takeaways
The four Ps are the four essential factors that come into play when a good or service are
being marketed to the public.
The four Ps are the product (the good or service), the price (what the consumers pays),
the place (the location where a product is marketed), and promotion (the advertising).
The concept of the four Ps has been around since the 1950s. Recent additions include
people, process, and physical evidence as important components of marketing a
product.
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Related Terms
Marketing Mix
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A marketing mix includes multiple areas of focus as part of a comprehensive marketing plan. The term
often refers to a common framework known as the four Ps. more
Marketing Plan
A marketing plan is an operational document outlining an organization's outreach and advertising
strategy for a target market. more
Macromarketing
Macromarketing is the study of the effect that marketing policies and strategies have on the economy
and society as a whole. more
Merchandising Definition
Merchandising is any act of promoting goods or services for retail sale, including marketing strategies,
display design and discount offers. more
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