The 4 Ps of Marketing: What They Are and
How to Use Them
Compiled by Dr. Md. Asif Hossain
Courtesy: Coursera
What is Marketing Mix?
• The four Ps are a “marketing mix” comprised of four key elements
—product, price, place, and promotion—used when marketing a
product or service. Typically, successful marketers and businesses
consider the four Ps when creating marketing plans and strategies
to effectively market to their target audience. Although there are
many other “marketing mixes,” the four Ps are the most common
and foundational to creating a successful marketing strategy.
• The four Ps are product, price, place, and promotion. They are an
example of a “marketing mix,” or the combined tools and
methodologies used by marketers to achieve their marketing
objectives.
1. Product
• The product is the good or service being marketed
to the target audience.
• Generally, successful products fill a need not
currently being met in the marketplace or provide a
novel customer experience that creates demand.
For example, the original iPhone filled a need in the
market for a simplified device that paired a phone
with an iPod, and the chia pet provided a
humorous experience for consumers that was
utterly unique.
1. Product
• As you are working on your product, it is essential
to consider potential customers in your target
audience and their unique needs.
• Some questions to consider when working on a
product include:
– What is your product?
– What does your product do? Does the product meet an
unfilled need or provide a novel experience?
– Who is your product’s target audience?
– How is your product different from what others offer?
2. Price
• Price is the cost of a product or service.
• When marketing a product or service, it is important to pick a
price that is simultaneously accessible to the target market
and meets business goals. Different pricing models can have a
significant impact on the overall success of a product. For
example, if you price your product too high for your targeted
audience, then very few of them will likely purchase it.
Similarly, if you price your product too low, then some might
pass it up simply because they are concerned it might be of
inferior quality and cut into your potential profit margins.
2. Price
• To identify a successful price, you will want to
thoroughly understand your target audience and
their willingness to pay for your product.
• Some questions you might ask yourself as you are
considering your product’s price include:
– What is the price range of your product’s competitors?
– What is the price range of your target audience?
– What price is too high for your audience? What price is
too low?
– What price best fits your target market?
3. Place
• Place is where you sell your product and the
distribution channels you use to get it to your
customer.
• Like price, finding the right place to market and sell
your product is key to reaching your target
audience. If you put your product in a place that
your target customer doesn’t visit—whether on or
offline— then you will likely not meet your sales
target. The right place can help you connect with
your target audience and set you up for success.
•
3. Place
• For example, imagine you are selling an
athletic shoe you designed. Your target market
is athletes in their early twenties to late
thirties, so you decide to market your product
in sports publications and sell it at specialty
athletics stores. By focusing on sports stores
over shoe stores in general, you target your
efforts to a specific place that best fits your
marketing mix.
3. Place
• To decide the best place to market and sell
your product, you should consider researching
the physical places or digital channels where
your target audience shops and consumes
information.
• Some questions to consider include:
– Where will you sell your product?
– Where does your target audience shop?
– What distribution channels are best to reach your
target market?
4. Promotion
• Promotion is how you advertise your product or
service. Through promotional activities, you will get the
word out about your product with an effective
marketing campaign that resonates with your target
audience.
• There are many different ways to promote your
product. Some traditional methods include word of
mouth, print advertisements, and television
commercials. In the digital age, you can create online
marketing campaigns to promote your product
using content marketing, email marketing, display ads,
and social media marketing.
4. Promotion
• Some questions to consider as you are
working on your product promotion include:
– What is the best time to reach your target
audience?
– What marketing channels are most effective for
your target audience?
– What marketing messages would most resonate
with your target audience?
– What advertising approaches are most persuasive
to your target audience?
Other marketing mixes
• The four Ps aren’t the only marketing mix used
today. Some other modern marketing mixes
include the five Ps, the seven Ps, and the 5 Cs.
Although each reflects certain aspects of the
four Ps, they also possess some unique
elements that alter their emphasis on the
marketing process.
The Five Ps
• The five Ps are product, price, place,
promotion, and people.
• Today, many marketers use the five Ps over
the four Ps because they center the
experiences of customers and staff in the
marketing process. Typical considerations
include how a customer behaves, their
product experience, and overall satisfaction
with the business.
The seven Ps
• The seven Ps are product, price, place,
promotion, people, processes, and physical
evidence.
