Today, there are many services, platforms, tactics, and even new emerging AI solutions for people to market their business or organization. What is happening is that these marketing solutions are selling to people like myself (marketers) or business owners to articulate the value they can bring their business. Keep in mind that while new solutions will come about daily, there are tried and true marketing principles. One that I learned myself during an intro to marketing class was the 4 Ps of Marketing.
The 4 Ps of marketing are pretty simple: Product, Price, Place, and Promotion, which show that marketers often approach a project, business, or idea from many different angles. Generally, people tend to think of Marketing as Advertising as while we can see Promotion is a part of marketing, it does not make up the whole of work. So let's break each of them down.
The 4 Ps of Marketing:
- Product: Includes the design, quality, branding, packaging, features, service or use, and offering variety.
- Price: Includes the cost, discounts available, credit terms, payment structure, and sometimes the entrance to the market.
- Place: Includes the logistics of the item, channels of sale (ex. online, physical store, etc.), inventory, and market coverage.
- Promotion: Includes advertising, salesforce, public relations, and direct marketing.
As you can see, each of these areas needs attention, effort, and work to have a well-rounded marketing strategy and the tactics to follow each of the needs for a well-released product or service offering. Developed by Neil Borden in the 1950s, who also served as a professor of advertising at the Harvard Graduate School of Business Administration, the Marketing Mix and the 4 P's will continue to guide business and marketers all over.
How can you apply some of these fundamental principles to your business or marketing strategy today?
