The four P’s of marketing (4 P’s), otherwise known as “The Marketing Mix”, are a set of tools that help companies gain advantage within the marketplace. The 4 P’s are put in place to help maximize a product’s potential. The 4 P’s include price, product, promotion and placement.
History of the Four P’s
In order to fully understand the 4 P’s, it’s important to understand the history behind their development. It all started with the term “marketing mix.” In the 1940s, James Culliton described the position of marketing manager as someone who is a “mixer of ingredients.” More than a decade later, Neil H. Borden published an article The Concept of the Marketing Mix, which was an adaptation of Culliton’s original theory. The marketing mix included product pricing, planning, branding, distribution channels, advertising, promotions, personal selling, packaging, display, servicing, physical handling, and fact finding and analysis. It wasn’t until E. Jerome McCarthy grouped each aspect into four categories, or the 4 P’s of marketing.
What are the Four P’s?
The Purpose of the Four P’s
The four P’s are a tried-and-true formula for an effective marketing plan. The reason the 4 P’s were developed decades ago was to determine a specific recipe or “marketing mix” that will satisfy both the needs of the customer and the retailer’s needs. This recipe has proven to be successful when properly determined and utilized.
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