4 Ps of Marketing
A good or service can be marketed by using the four Ps of marketing. In other words, they are the product, price, location, and promotion of a good or service. The four Ps, commonly referred to as the marketing mix, are governed by internal and external factors in an overall business environment and interact significantly with each other. Using the 4 Ps, companies identify key factors for their business, such as what consumers expect from them, how their product or service meets or fails to meet those needs, how their product or service is perceived in the world, and how they differentiate themselves from competitors.
In the 1950s, Neil Borden popularized the concept of the marketing mix and what would later come to be known as the four Ps. Professor Borden taught advertising at Harvard University. In his 1964 article, Borden used advertising tactics to engage consumers. Decades later, the marketing concepts Borden popularized are still being used by companies. Borden’s ideas were very influential when they were first introduced in the business world, and they were developed and refined over time by other industry players. Professor of marketing at Michigan State University, Jerome McCarthy, who refined Borden’s concepts and came up with the phrase “4 Ps,” which is still used today. Further popularizing the 4 Ps was McCarthy’s book “Basic Marketing: A Managerial Approach,” published in 1960.
In the beginning, marketing mix was utilized to account for physical barriers preventing widespread adoption of products. As a result, the Internet has helped businesses increase their integration with consumers and overcome some of these barriers. People, process, and physical evidence are extensions of the original 4 Ps, and they are more in line with current marketing trends.