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.
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.
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.
Get Marketing and Business Administration Training – 100% Online!
If you’re seeking marketing and business management training from a proven leader, consider the Executive Certificate in Business Administration program from the University of Notre Dame. Offered 100% online by Notre Dame’s acclaimed Mendoza College of Business, the executive certificate program is delivered via a flexible, video-based e-learning platform that allows you to complete your courses anytime and anywhere.
Notre Dame’s Executive Certificate in Business Administration program is a comprehensive professional development series that increases your proficiency in key business concepts and marketing techniques. Topics covered include Mastering the Four “P”s of Marketing: Product, Place, Price and Promotion, Effective B2B and Consumer Marketing Strategies and Must-Know Marketing Research Methods and more. Upon completion of each 8-week course and the entire executive certificate program, you’ll receive a certificate of achievement from world-renowned Notre Dame, which is regionally accredited and consistently ranked a Best National University by U.S. News & World Report.
With the advanced skills and powerful credentials you’ll gain through Notre Dame’s Executive Certificate in Business Administration, you’ll have the necessary marketing skills to grow and excel in any executive role.