The 4 P’s Of Marketing – Examples, And What Are They?

Last Updated on October 27, 2021

What Are The 4 P’s Of Marketing

The 4 P’s Of Marketing refers to the four primary elements involved in selling a product or service. The product, price, place, and promotion of a good or service are the four PPs.

Internal and external elements influence the four Ps in the business environment, and they interact with one another significantly.

The 4 Ps are a framework for assessing the critical aspects of a business, including what customers desire from them, how well their product or service fulfills or fails to meet those needs, how their product or service is regarded in the market, how they differentiate themselves from the competition, and how they interact with consumers.

The four Ps framework mainly focuses on the tactical aspects of marketing and does not provide a practical framework for strategic issues.

The 4 P's Of Marketing
The 4 P’s Of Marketing

Example Of The 4 P’s Of Marketing

  • Product

Product is anything given to a market for consideration, acquisition, or use to fulfill customer needs. A product mix is the total number of different products in a company’s offering. For example, Mcdonald’s has an extensive product mix, including breakfast items, burgers, fries, drinks, etc. If you were to look at their menu board, you would see all these choices listed in order by price, from least expensive to most expensive. The main reason for having so many different offerings is because each item appeals to another type of customer with varying tastes preferences. Promoting these various offerings enables consumers to patronize the business because there is something for everyone.

  • Price
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Of course, price is an essential aspect of the marketing mix because it allows a company to earn profits from sales. In some cases, raising prices can increase profits if customers are willing to pay more for the same thing they purchased before at a lower price.

The psychological factor significantly influences pricing; we might tend to think we get better value when we spend more money and poorer deals when we spend less.

For example, when asked what they thought would be the likely buying price for a new product, most people could not determine whether the product was overpriced or underpriced.

  • Place

Place is defined as how a business brings its product or service to its customers. The four Ps of marketing deals with internal elements of an organization’s environment, while this deals more with external factors of the business aspects of distribution channels.

  • Promotion

Every business engages in some promotion, whether printing flyers and putting them around town or creating an ad campaign that will air on television and radio stations. Promotion involves communicating directly with consumers through various methods to get the word out about the brand. Sometimes, businesses spend too much money on advertisements, failing to realize that advertising isn’t always the answer.

No business should ever ignore promotion as this element of the marketing mix is vital to ensure sustainable business growth for any organization.

What Are The Five C’s Of The Marketing Mix

The five C’s of marketing are the essential aspects of marketing. When marketers make marketing decisions, they should consider the five C’s of marketing.

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The five C’s are Company, Customers, Collaborators, Competitors, and Climate. The five C’s serve as a framework when developing a marketing plan or devising a marketing strategy.

When a firm combines all of its objectives and aims into one strategy, it has a marketing plan.

The Five C’s of Marketing expands the Three C’s, which focused on competitors, clients, and the company. The “C’s” help assess the value of one’s market position compared to other options available.

The Five C’s are integral for businesses because they provide a comprehensive view of business opportunities and potential challenges that may be encountered when entering into new markets or alliances with other companies.

What Are The Five C's Of The Marketing Mix
What Are The Five C’s Of The Marketing Mix

Example Of The 5 C’s Of Marketing

  • Company: This focuses on the strengths and weaknesses of the organization, including all of its internal operations, which will determine how well it can compete in the marketplace.
  • Customers:  The customer portion of the five C’s looks at who your customers are, their needs, how you best serve them, and what keeps them coming back to you time after time for more services/products.
  • Collaborators: A business that wants to expand its horizons and increase its opportunities for success should look at how it can work with other companies. Collaboration may come in a partnership or an affiliation, but it involves two or more businesses working together to achieve common goals, with both organizations benefiting from this alliance.
  • Competitors: Firms want to know who their competitors are and why they outshine them when attracting clients/fans/followers. This is important because it helps marketers understand what makes their competition so appealing and why consumers are highly valued.
  • Climate: The climate section of the five C’s provides information on prevailing conditions within the marketplace, such as economic, political, or social climates. It also looks at how potential climate changes could affect your business and brand.
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The Five C’s of marketing is an effective tool that will help marketers understand what they are up against when reaching their goals. It is not the only way to approach planning, but it provides a solid foundation for any marketing strategy.

Why Are The 4 P’s Of Marketing Important

All the P’s are needed to ensure successful marketing, but it’s worth thinking about each one. For service marketing, the 4Ps have been extended to 7Ps.

Why Are The 4 P's Of Marketing Important
Why Are The 4 P’s Of Marketing Important

The 4Ps of marketing is a strategy designed by the Harvard Business School based on the consumer packaged goods (CPG) model. It is often characterized by high levels of competition and low entry barriers. The four Ps are part of the marketing mix; it develops a marketing plan for a company or product.

This strategic business model enables marketers to identify the key elements their company needs to sell their products or services successfully. The 4Ps of marketing are the foundation for every successful marketing campaign.

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