marketing mix(redirected from Four P's)
Also found in: Dictionary, Wikipedia.
marketing mixThe range of measures used by firms to market their products to buyers. Important facets of the marketing mix are the 4 Ps: product, price, promotion and place.
- the product offering, in particular the QUALITY, styling and variety of the firm's established products (see PRODUCT RANGE), and its ability to provide buyers with new products over time (see NEW PRODUCT DEVELOPMENT), see PRODUCT POSITIONING;
- the prices charged for the firm's products (see PRICING, PRICING METHODS);
- the means used by the firm to promote its products, including ADVERTISING, SALES PROMOTION, MERCHANDIZING, PERSONAL SELLING, PACKAGING and PUBLIC RELATIONS;
- the place and means used to distribute the product into the hands of buyers (see DISTRIBUTION CHANNEL);
- also important is the provision of various on-going CUSTOMER SERVICES, particularly AFTER-SALES SERVICE facilities and GUARANTEES.
In the case of services three other elements (making the 7 Ps) to be taken into account are: process (meaning the operations involved in delivering the service), people (the frontline and back office staff involved in service delivery and management) and physical evidence (materials, décor, and settings used by organizations to make the service experience more concrete).
The relative importance of these elements will vary according to the particular buyer characteristics of the MARKET or MARKET SEGMENTS being served by a product. Thus, to take a broad example, in marketing consumer goods such factors as advertising, sales promotion and packaging might be emphasized, while in marketing industrial goods technical features of the product, price and personal selling might be stressed. See CONSUMER ORIENTATION.