The marketing mix 4P includes product, price, promotion, and place/distribution. These correctly combined components ensure the company maintains its position in the market, meets marketing goals, and acquires new customers. It focuses on the seller.
Definition of 4P
- A product can be any tangible or intangible item that is available on the market with the aim of satisfying the needs of consumers.
- Price represents the financial valuation of the product. Its determination depends on the costs associated with production, demand a competition. It is the only tool of the 4P marketing mix that generates profit, so setting the price is crucial.
- Promotion refers to marketing communication. It includes advertising, personal selling, PR, direct or online marketing. Through promotion, the business informs the consumer about its offer and encourages them to purchase.
- The terms place a distribution refer to the location of product storage and its availability to the customer. They describe where and how the desired goods reach the consumer.
Currently, other components can also be included in the 4P marketing mix. These include people, processes, personnel, packaging, and others.