The 4 Ps of marketing are a set of controllable elements or variables that a company uses to influence and meet the needs of its target customers in the most effective and efficient way possible. The 4 Ps are:
- Product: What you sell. This could be a physical good, service, consulting, etc. .
- Price: How much you charge and how you will price your product or service.
- Place: Where customers are looking for your product or service.
- Promotion: How you will differentiate your product from competitors.
The 4 Ps of marketing are often referred to as the marketing mix, and they encompass a range of factors that are considered when marketing a product, including what consumers want, how the product or service meets or fails to meet those wants, how the product or service is perceived in the world, how it stands out from the competition, and how the company that produces it interacts with its customers. Although the 4 Ps of marketing have been around since the 1960s, other Ps have been identified, including people, process, and physical evidence.
