The 4 Ps of marketing — product, price, place, and promotion — have been a cornerstone of marketing strategy for decades. While digital marketing has introduced new tools and channels, these foundational principles remain as relevant as ever, especially for businesses navigating complex B2B landscapes.
For mid-market to enterprise organizations in industries like manufacturing, tech, and banking, mastering the 4 Ps can drive strategic growth, streamline operations, and create a competitive edge.
In this guide:
- What are the 4 Ps of marketing?
- How to use the 4 Ps of marketing
- Additional marketing mix concepts
- Getting started with the 4 Ps
What are the 4 Ps of marketing?
This framework helps craft a comprehensive strategy. Depending on the product or service, marketers may prioritize certain Ps over others to align with business objectives.
Product — the object or service for sale.
Understanding the product goes beyond knowing the product’s features; it involves knowing its audience, use cases, and differentiation.
Example in practice:
A cloud-based ERP software designed for manufacturing companies streamlines operations and integrates supply chain management. Market research might reveal that while originally intended for large enterprises, mid-market manufacturers find the solution appealing due to its scalability and cost-effectiveness.