Four Ps
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Definition of 'Four Ps'The categories that can be controlled in the marketing of a good or service: product, price, place and promotion. The four Ps, often referred to as the marketing mix, are all constrained by internal and external factors in the overall environment. Designs made in the "product" component determine the name, design and packaging of the good. "price" involves the cost of the good and if volume or seasonal discounts will be offered. "place" decisions outline where the product will be sold and how it will be delivered to the market. "promotion" involves advertising, public relations and promotional strategy. |
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Investopedia explains 'Four Ps'The four Ps and the marketing mix were popularized in the 1950s by Neil Borden. Until the advent of the internet and greater integration between businesses and consumers, the marketing mix helped companies take into account the physical barriers that prevented widespread adoption of a product. Extensions to the Ps have include "people, "process" and "physical evidence" as important components in their models. |
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