Pop Quiz: What Are the 4 Ps of Marketing?
The four Ps of marketing have been studied, criticized and changed over time, but the most well-known four Ps of marketing are: product, price, promotion and place.
Let's tackle product first. Product refers to a tangible or intangible product that can be sold because it satisfies a consumer demand - like a desk chair or a mobile phone's operating system. Price is the amount a consumer will pay for that product. Of course price often relies on the demand, which makes the product extremely valuable to the price, which will determine a company's profit. So now a business has a product people need or want and a price which they are willing to pay, what's next?
Consumers need to hear about the product and the price, which lends itself to promotion, where most marketers earn their paychecks. Promotion refers to any communication a company pays for, like advertising, trade shows, etc.
Now that a company has a product people need or want, at a price they will pay and they know about the product through the company's promotion, a company must distribute the product, which leads to place. The place needs to be convenient enough for a consumer to access, like an e-commerce website.