Harvard Business Professor Neil Borden believed that there are certain ingredients that are essential to highlighting a product’s unique selling points to give it a competitive advantage. In 1953, this became known as the marketing mix. Later his theory was refined by E. Jerome McCarthy, who sums up these elements into what he called “The Four Ps
The Four Ps Model
Product is the first component of the Four Ps model and is defined as a good or service that meets the needs or wants of consumers. As a business, your product is what makes you unique, so it is critical to have a clear understanding of what you have to offer.
Pricing decisions will have a major impact on supply and demand, your profit margin, and will determine your overall marketing strategy.
Promotion includes digital marketing, advertising, public relations, search engine marketing and much more. It’s how you will get the word about your product or service. Promotional activities should be thoughtfully planned to maximize return on investment.
This last component focuses on where you will sell your product. Even if people aren’t shopping for your product online, it is critical to engage with potential customers online, and convert those engagements to sales.