Browse Definitions :
Definition

Four Ps

Contributor(s): Matthew Haughn

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. 



This was last updated in January 2019

Continue Reading About Four Ps

Start the conversation

Send me notifications when other members comment.

Please create a username to comment.

SearchCompliance

  • risk assessment

    Risk assessment is the identification of hazards that could negatively impact an organization's ability to conduct business.

  • PCI DSS (Payment Card Industry Data Security Standard)

    The Payment Card Industry Data Security Standard (PCI DSS) is a widely accepted set of policies and procedures intended to ...

  • risk management

    Risk management is the process of identifying, assessing and controlling threats to an organization's capital and earnings.

SearchSecurity

SearchHealthIT

SearchDisasterRecovery

  • call tree

    A call tree is a layered hierarchical communication model that is used to notify specific individuals of an event and coordinate ...

  • Disaster Recovery as a Service (DRaaS)

    Disaster recovery as a service (DRaaS) is the replication and hosting of physical or virtual servers by a third party to provide ...

  • cloud disaster recovery (cloud DR)

    Cloud disaster recovery (cloud DR) is a combination of strategies and services intended to back up data, applications and other ...

SearchStorage

  • RAM (Random Access Memory)

    RAM (Random Access Memory) is the hardware in a computing device where the operating system (OS), application programs and data ...

  • business impact analysis (BIA)

    Business impact analysis (BIA) is a systematic process to determine and evaluate the potential effects of an interruption to ...

  • M.2 SSD

    An M.2 SSD is a solid-state drive that is used in internally mounted storage expansion cards of a small form factor.

Close