Running Head: THE 4 Ps OF MARKETING.

The 4 Ps of Marketing

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The 4Ps of Marketing

The 4 Ps of marketing is a summary of the 4 pillars of market strategy that is product, price,

place and promotion. Neil Borden popularized the idea of Marketing Mix and the concepts that would

later be known primarily as the four Ps in the 1950s. Borden was an advertising professor at Harvard

University. His 1964 article titled “The Concept of the Marketing Mix” demonstrated the ways that

companies could use advertising tactics to engage their consumers. The 4 Ps were created by Marketing

Professor E. Jerome McCarthy in 1960, seven years after Borden’s speech. It is used by companies to

identify some key factors of their business that is what the consumer want from them, how their

products meet their needs, how they stand out from their competitors and their relationship with the

customers.

The first P stands for Product. These are the tangible goods such as clothing, shoes, foodstuffs or

electronics and intangible services such as transport services, therapy sessions or maintenance.

According to Kolter 1984 defined product as something that is offered in a market which is used for

acquisition, attention or consumption. The most important factor to consider before successfully

marketing your product, is what makes it stand out or what is unique about it, Dhruv (2007) believed

that product presentation is important to reflect the products’ positioning. Products are classified into

three parts: the augmented product, the core product and the tertiary product. A product should fulfill

consumer demand or should be convincing and compelling enough to create its own demand. It is

important to note that the type of product a company affects the price to be charged, the place the

product is to be sold and how to promote it.

The second P represents Price. This is how much the product is charged.(Bonfoh et .al.,2003)

defined selling point as that it is the best connecting point between the interests that the products

brought to consumers and consumer’s demands for the product. In some companies they increase the
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cost of products so as to make them seem luxurious or lower the prices so as to make more people try

the product. The main goal of the companies is to ensure more profit and more sales. The price is also

affected by variation of price points and price elasticity.

The third P stands for Place. Place is also known as location, and as we all know marketing is all

about location. (Hans 1999) defined marketing channel is the process of product’s distribution from the

factory to the consumers’ market. When choosing a place the company determine where the product

will sell more and how they can deliver the product to the market. The main goal of the company is to

get their product to places where they get more profits. Marketing is all about putting the right product,

at the right price at the right place and time.

The last P stands for Promotion. Promotion consists of advertising, public relations and online

marketing. Online marketing is divided into two: entity store and the store non entity (Park J., et.

al.,2005).The main goal for promotion is to promote the communication with consumers to expand

purchasing rate and reduce decision time of consumers in order to achieve sales (Petrovic, 1999) .

Promotion must be supported by a well-positioned brand to maximize return on investment.

In conclusion the 4 Ps are important to achieve market goals and satisfy consumer needs. With

the right products, a considerable price, a good location and the right methods of promotion the

companies can assure more profit and more sales. If all these factors are considered customers will

needs will be satisfied.

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Reference

Groucutt, J. and Leadley, P., Marketing: Essential Principles, New realities

http://books.google.com/books?id=cd6Sjxu2lesC&pg=PA17

Kogan page,2004

McLean, R. (October 19, 2002).

The 4 C’s versus the 4 P’s of Marketing, Custom fit online.

http://www.customonline.com/news/2012/10/19/4csversus4psofmarketing
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