The Four Ps (product, price, promotion and place) are four considerations known as a marketing mix. Attention to these four factors is necessary for maximizing the chance a product will be recognized and bought by customers.
Product: The item or service being sold must satisfy a consumers need or desire.
Price: An item should be sold at the correct price for consumer expectations; neither too low nor too high.
Promotion: The public needs to be informed about the product and its features in order to understand how it fills their needs or desires.
Place: The location where the product can be purchased is important for optimizing sales.
Harvard professor Neil Borden formalized the term marketing mix in his 1964 article, "The Concept of The Marketing Mix." Borden explained his idea was inspired by marketing manager James Culliton, who compared successful marketers to professional chefs. Culliton's analogy was that great chefs -- like successful marketers -- work off a recipe but are always willing to experiment with new ingredients and make changes on the fly in response to market conditions and customer demand. According to Borden, some of the forces that can alter a marketing mix include consumer motivation for shopping, the competitive landscape and government regulations.