A business model for designing the marketing mix
The 4P framework is the invention of Edmund McCarthy, an American marketing Professor. He launched the framework in 1960 in a book called Basic Marketing: a managerial approach.
If anyone ever asks you what marketing is all about, tell them about the 4Ps. It is a simple model that embraces the whole of marketing. It is a schema for the old saying "marketing is about getting the right product to the right place at the right price". The 4P framework's greatest strength is its simplicity. For any target audience, it describes essential components of the marketing mix:
Product: arguably this is the most important part of the framework. It is what the company sells.
Price: this is the component of the 4Ps that collects revenue. It is also an indicator of the value that people place on the product.
Promotion: people have to be aware of a product if they are going to buy it. Promotion is the means by which people are made aware of the offer.
Place: finally, the product has to be made available for the customer in a shop, online, or direct from the manufacturer. Place refers to the channels by which the product is distributed.
It should be noted that this most popular marketing model sometimes enjoys three additional Ps.
People: they make the product, sell it, service it and create relationships with customers. They are an essential part of the offer.
Process: this is the means by which the products is produced and brought to market. The efficiency of the processes can determine the success of the overall offer.
Physical evidence: in some cases the physical environment can be an important part of the offer. This is particularly the case in retail outlets where the ambiance of the place can have a big influence on the marketing.
Of course these Ps are critical for success but there is a magic ingredient that shouldn't be forgotten, even though it doesn't begin with a P - it is customer service. Make sure that customer service is part of the offer - in which case it could be argued it is a part of "Product".