The marketing mix is the set of controllable, tactical marketing tools that a company uses to produce a desired response from its target market. It consists of everything that a company can do to influence demand for its product. It is also a tool to help marketing planning and execution. Show
The four Ps of marketing: product, price, place and promotionThe marketing mix can be divided into four groups of variables commonly known as the four Ps:
Marketing toolsEach of the four Ps has its own tools to contribute to the marketing mix:
An effective marketing strategy combines the 4 Ps of the marketing mix. It is designed to meet the company’s marketing objectives by providing its customers with value. The 4 Ps of the marketing mix are related, and combine to establish the product’s position within its target markets. Weaknesses of the marketing mixThe four Ps of the marketing mix have a number of weaknesses in that they omit or underemphasize some important marketing activities. For example, services are not explicitly mentioned, although they can be categorized as products (that is, service products). As well, other important marketing activities (such as packaging) are not specifically addressed but are placed within one of the four P groups. Another key problem is that the four Ps focus on the seller’s view of the market. The buyer’s view should be marketing’s main concern. The four Ps as the four CsThe four Ps of the marketing mix can be reinterpreted as the four Cs. They put the customer’s interests (the buyer) ahead of the marketer’s interests (the seller).
Want to learn how to understand and talk to your customers? Join us for our next cohort of the Customer Development Immersive. Expanding your business into a new market? Sign up to access our International Growth Collection —it features specialized resources built in partnership with Export Development Canada. The four Ps are a “marketing mix” comprised of four key elements—product, price, place, and promotion—used when marketing a product or service. Typically, businesses consider the four Ps when creating marketing plans and strategies to effectively market to their target audience. Although there are many other “marketing mixes,” the four Ps are the most common and foundational to creating a successful marketing plan. In this article, you will learn more about their purpose, history and find a detailed breakdown of the four Ps. What are the 4Ps of marketing? (Marketing mix explained)The four Ps are product, price, place, and promotion. They are an example of a “marketing mix,” or the combined tools and methodologies used by marketers to achieve their marketing objectives. The 4 Ps were first formally conceptualized in 1960 by E. Jerome McCarthy in the highly influential text, Basic Marketing, A Managerial Approach [1]. There, McCarthy noted that while the text of the book was “similar to that found in the traditional texts, the approach is not.” McCarthy’s novel approach was influenced by the still-recent “marketing mix” concept, which Harvard Business School professor Neil. H. Borden popularized in the 1950s. In fact, Borden himself had been influenced by a 1948 study written by James Culliton, in which the author equated business executives to “artists” or “mixer[s] of ingredients” [2]. Rather than using the same approach for every situation, then, Culliton and Borden recognized that successful executives instead mixed different methods depending on variable market forces. McCarthy streamlined this concept into the four Ps—product, place, price, and promotion—to help marketers design plans that fit the dynamic social and political realities of their time and target market. In effect, the purpose of the four Ps remains the same today as when McCarthy first published his book: “developing the ‘right’ product and making it available at the ‘right’ place with the ‘right’ promotion and at the ‘right’ price, to satisfy target consumers and still meet the objectives of the business” [3].  A lecture from Northwestern's Sports marketing course discussing the 4Ps. The four PsThe four Ps form a dynamic relationship with one another. Rather than one taking priority over the other, each is considered equally important in crafting a strategic marketing plan. ProductThe product is the good or service being marketed to the target audience. Generally, successful products fill a need not currently being met in the marketplace or provide a novel customer experience that creates demand. For example, the original iPhone filled a need in the market for a simplified device that paired a phone with an iPod, and the chia pet provided a humorous experience for consumers that was utterly unique. As you are working on your product, it is essential to consider your target audience and their unique needs. Some questions to consider when working on a product include:
specialization Marketing Mix ImplementationTake your product through the Marketing Mix. Master the Marketing Mix and take your product to new heights. 4.6 (3,321 ratings) 48,209 already enrolled BEGINNER level Average time: 6 month(s) Learn at your own pace Skills you'll build: Pricing, Communication, Product Management, Marketing, Brand Architecture, Brand Management, Brand Engagement, Psychology, Price Discrimination, Pricing Strategies, Retail Management, Supply Chain, Retailing, Channel Management, Advertising, Integrated Marketing Communications, Marketing Communications PricePrice is the cost of a product or service. When marketing a product or service, it is important to pick a price that is simultaneously accessible to the target market and meets a business’s goals. Pricing can have a significant impact on the overall success of a product. For example, if you price your product too high for your targeted audience, then very few of them will likely purchase it. Similarly, if you price your product too low, then some might pass it up simply because they are concerned it might be of inferior quality and cut into your potential profit margins. To identify a successful price, you will want to thoroughly understand your target audience and their willingness to pay for your product. Some questions you might ask yourself as you are considering your product’s price include:
PlacePlace is where you sell your product and the distribution channels you use to get it to your customer. Much like price, finding the right place to market and sell your product is a key factor in reaching your target audience. If you put your product in a place that your target customer doesn’t visit—whether on or offline— then you will likely not meet your sales target. The right place, meanwhile, can help you connect with your target audience and set you up for success. For example, imagine you are selling an athletic shoe you designed. Your target market is athletes in their early twenties to late thirties, so you decide to market your product in sports publications and sell it at specialty athletics stores. By focusing on sports stores over shoe stores in general, you are targeting your efforts to a specific place that best fits your marketing mix. To decide the best place to market and sell your product, you should consider researching the physical or digital places that your target audience shops and consumes information. Some questions to consider include:
PromotionPromotion is how you advertise your product or service. Through promotion, you will get the word out about your product with an effective marketing campaign that resonates with your target audience. There are many different ways to promote your product. Some traditional methods include word of mouth, print advertisements, and television commercials. In the digital age, though, there are even more marketing channels that you can use to promote your product, such as content marketing, email marketing, and social media marketing. Some questions to consider as you are working on your product promotion include:
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No degree or experience required. 4.8 (9,097 ratings) 239,621 already enrolled BEGINNER level Average time: 6 month(s) Learn at your own pace Skills you'll build: Marketing, E-Commerce, display advertising, Email Marketing, Search Engine Optimization (SEO), Customer loyalty, Marketing Analytics, Customer Outreach, Website Structure, Customer Awareness, Google, Search Engine Marketing, Social Listening, Social Media Bidding, Customer Engagement, Social Media Analytics, Social Media Branding, Email Writing, Email list segmentation, Email marketing strategy, Email marketing analytics, Contact management, Digital marketing KPIs, Spreadsheet management, Presenting to stakeholders, Media planning and strategies, Fulfillment and delivery, E-commerce platforms, E-Commerce Strategy, Seasonality, Job preparedness, Customer Relationship Management (CRM), Portfolio preparation, E-commerce store optimization, Building customer loyalty Other marketing mixesThe four Ps aren’t the only marketing mix used today. Some other modern marketing mixes include the five Ps, the seven Ps, and the 5 Cs. Although each of these reflects certain aspects of the four Ps, they also each possess some unique elements that alter their emphasis on the marketing process. The five PsThe five Ps are product, price, place, promotion, and people. Today, many marketers use the five Ps over the four Ps because it centers the experiences of customers and staff in the marketing process. Typical considerations include how a customer behaves, their experience with the product, and their overall satisfaction with the business. The seven PsThe seven Ps are product, price, place, promotion, people, processes, and physical evidence. The seven Ps are a further elaboration of the five Ps, adding considerations of the processes that define the customer experience and the physical evidence that the target market needs to see to become customers. While processes might involve the specific customer service processes that define a product, physical evidence can be websites or store displays that help the target market imagine themselves using the product. The five CsThe five Cs are customer, company, competition, collaborators, and climate. In some respects the five Cs reflect many of the same concerns of the four and five Ps, but with added emphasis on external factors, such as possible outside collaborations and competitive research. Furthermore, while “climate” refers to the social, political, and economic context surrounding the market, “customer” refers to the target market and customer experience. “Company,” meanwhile, refers to the place of the company and their available resources in the marketing process. Get market ready.Effective marketing takes time, but the proper preparation can yield outstanding success. 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No degree or prior experience required. 4.7 (1,350 ratings) 32,759 already enrolled BEGINNER level Average time: 7 month(s) Learn at your own pace Skills you'll build: Marketing Strategy, Data Analysis, Marketing Mix Optimization, Statistics for Marketing, Advertising Effectiveness Evaluation, Marketing, Digital Marketing, Python Programming, Tableau Software, Data Visualization (DataViz), Statistical Analysis, Linear Regression, Statistical Hypothesis Testing, Marketing Mix Modeling, Marketing Plan, A/B Testing, Meta advertising, Social Media Marketing, Ads Manager, Marketing Science, Facebook Advertising Frequently asked questions (FAQ)What is the most important out of the 4 Ps?All of the 4 Ps—product, price, place, and promotion—are important components of your marketing strategy. They work most effectively when marketers use them in conjunction with one another. You may find yourself focusing on one or another at different phases of business development. For example, you might focus on product and price at earlier stages, while place and promotion might become priorities at a later stage when you’re preparing to introduce the product to the market. Are the 4 Ps of marketing still useful?Although the 4 Ps of marketing has been around since the 1960s, the concept is still considered useful, even as marketing rapidly evolves and becomes increasingly digitized. You can think of the 4 Ps as comprising the foundation to developing effective marketing strategies. At the same time, it’s a good idea to use some of the other models—the 5 Ps (product, price, place, promotion, and people) or the 5 Cs (customer, company, competition, collaborators, and climate)—to build a more thorough approach to marketing. Related articlesArticle sources1. Oxford Reference. “E Jerome McCarthy, https://www.oxfordreference.com/view/10.1093/oi/authority.20110803100143321.” Accessed July 29, 2022. 2. Guillaum Nicaise. “The Concept of the Marketing Mix, http://www.guillaumenicaise.com/wp-content/uploads/2013/10/Borden-1984_The-concept-of-marketing-mix.pdf.” Accessed July 29, 2022. 3. HathiTrust. “Basic Marketing: a managerial approach, https://babel.hathitrust.org/cgi/pt?id=inu.30000041584743&view=1up&seq=1.” Accessed July 29, 2022. What is your marketing mix?The marketing mix, also known as the four P's of marketing, refers to the four key elements of a marketing strategy: product, price, place and promotion.
What is the marketing mix for Coca Cola?Coca Cola follows a price discrimination strategy in its marketing mix. This means that they charge different prices for products in different segments. The beverage market is considered an oligopoly, with a small number of sellers and a large number of purchasers.
What are two examples of the 4 Ps of the marketing mix?What Are The 4 Ps of Marketing?. Product: What you sell. Could be a physical good, services, consulting, etc.. Price: How much do you charge and how does that impact how your customers view your brand?. Place: Where do you promote your product or service? ... . Promotion: How do your customers find out about you?. What should a marketing mix include?What are the 4 P's of marketing mix? The 4 P's are Product, Price, Place, and Promotion.
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