Marketing Tip #1 -- Understanding the Marketing Mix (aka the 4 Ps)

The Marketing Mix also known as the “Four Ps of Marketing” refers to the four fundamental principles and mindset a good marketer has.

Four Ps / Marketing Mix:

1. Product
   
2. Price
   
3. Place
   
4. Promotion

The marketing mix, also known as the “Four Ps of Marketing,” refers to the four fundamental principles and mindset a good marketer has.

1. Product refers to a good (item) or service that is offered to a specific market group. Ideas or intellectual property (IP) can also be considered a product in today’s business environment.
   
   
2. Price generally refers to the cost to acquire a specific good or service. Price can be measured monetarily (purchasing a good/service using money) or service deeds (an exchange of service between two or more parties.)
   
   
3. Place refers to the ability to deliver a desired good or service to a customer. Place encompasses the total delivery process from supply chain management to retail location.
   
   
4. Promotion is about being able to communication value to customers.