070: The 4 Ps Of Marketing Product, Price, Promotion And Place

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Marketing is defined as the action or business of promoting and selling products or services including market research and advertising The traditional marketing mix is the combination of the four controllable variables PRODUCT PRICE PROMOTION and PLACE Essentially putting the right product in the right place at the right price at the right time Sounds easy enough right Months sometimes years worth of research are invested into developing the right marketing mix If just ONE of the four variables is even slightly off the mark a promising innovative revolutionary product or service can totally flop Having the proper marketing mix is crucial in understanding and developing a product or service offering and or launch plan The 4 P s concept was created by Edmund Jerome McCarthy a Notre Dame marketing professor in his 1960 book Basic Marketing A Managerial Approach McCarthy s innovative at the time approach to marketing focused on problem solving the challenges that marketers most often face Rather than simply defining marketing McCarthy sought to revolutionize marketing by leveraging relevant knowledge from sociology philosophy and psychology Discovering WHY customers purchased a product understanding the psycho-analytics behind a purchase ultimately analyzing consumer behavior Quote Many companies have forgotten they sell to actual people Humans care about the entire experience not just the marketing or sales or service To really win in the modern age you must solve for humans Dharmesh Shah Remember that the 4 Ps of MARKETING is a dynamic concept that requires constant monitoring It s important to be aware of trends and innovations in your industry to ensure your MARKETING MIX is relevant Depending on these changes in your market one P within the MARKETING MIX may require more or less focus and or dedicated resources This framework is valuable to any individual or organization that s considering releasing a new product starting a new business expanding into new territories and beyond https mruddo com