The world of marketing is an art that every businessman and entrepreneur should meet with determination. In my consulting sessions and mentoring towards entrepreneurs, I explain at Business Study Notes and work with them the technique of the 4Ps and their evolution towards the 4Cs. In this post I leave a simple explanation on both an abstract and info graphic.
McCarthy described in 1960 the famous 4ps of Marketing Mix model as a tool for companies about the 4 variables or elements that they control and that will determine part of their success.
The product is what we manufacture, be it goods and services, and one of the most important aspects of companies is to design products with features that our customers want to buy. The product is something that companies determine and is within their control, a good product design is of vital importance for companies.
The price is not only a value of monetary exchange, but the price implies a connotation of quality. Therefore, a price below our competition may seem like a good strategy and yet our customer considers it a sign or sign of a poor quality product.
The promotion refers to how our customers will know our product. This element includes factors such as communication, sales force or public relations.
This point refers to how we will get the product to the customer, whether we will do it through a physical or digital space, wholesale or retail or in the methods of distribution in order to achieve competitive advantages.