The Meaning Of The Four Elements: Price Promotion Place Product?

These are called the 4Ps of marketing and these are the four components on the basis of which marketing decisions are made. The combination of these Ps is called the marketing mix.

Price decisions can be related to the pricing strategy, discounts, seasonal pricing, Retail price, Bundling and other strategies. In the Promotion component the strategy is formulated as to what medium is going to be used for the promotion and what the promotion budget is going to be. The different mediums that can be used during promotion are Advertising, Public relations, personal selling and sales force.

The distribution channel and the way the product is going to reach the customer are discussed under Place. The product quality, packaging, and branding is covered under the P for product.

In addition to these 4 Ps, there are also 3 other Ps of the marketing mix which were added later on. These are People, Physical evidence and process.