4P’s of marketing The 4P’s of marketing were first used by Neil Borden in 1953 when it was called the marketing mix. Then it received its present name from E. Jerome McCarthy, a prominent marketer in 1960 The 4P’s of marketing consist of product, price, place, and promotion.
product Is considered to be a tangible object or an intangible service that is mass produced or manufactures on a large scale with a specific volume of units. The standards used to make a product stand out from competing products are product variation, product differentiation, product innovation, and product elimination.
price Is the amount a customer pays for the product. The price could also include costs such as; installation and any other products or services required. It is determined by a number of factors including market share, competition, material cost, and product identity.
place Represents the location where a product can be purchased. It includes any physical store as well as virtual stores on the internet. The four main components of place are distribution channel, direct sales, indirect sales, and e-commerce.
promotion Represents all of the communications that a marketer may use in the marketplace. Promotion can include coupons, direct mail, billboards, and online advertising, as well as any one-time event marketing opportunities. Promotion has four distant elements which are: advertising, public relations, word of mouth, and sales promotion.