Do The 4P’s Matter?

When people know that I’m a university professor, I get the question occassionally “do the 4P’s really matter these days?”

Can I be direct? YEEEEESSSSSS!

In short, yes. The long answer is, we might think about the 4P’s differently today than maybe you did back in college. The 4Ps of marketing are a quick and easy way to remember the core elements of marketing: product (what are you selling),  price (for how much are you selling it), place (how can your customer find your product), and promotion (how would your customer know about your product).

The term “product” though is confusing for some folks. Yes, that could be a litteral, physical item (a book), but it also could be a service (a hair cut), an experience (a concert), an idea (Just Say No), people (a political candidate) or location (vacation here in Colorado). Some of these things are far more tangible (ie: the book) but with some of these we’re selling the “promise” of what could be (will your vacation to Disney really be “magical?” Is this stylist really that great and will make me look like the next super star?

Each of these, of course have unique considerations and issues to think about.

So – think about your own business (or the business you’d like to have)… what is “it” you are selling?

Category: Basics of Marketing

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