The 4 Ps of Global Marketing: What They Are and How to Use Them
Clarke Ricks School of Business,
Liberty University
BUSI 690: Policy and Strategy in Global Competition
Dr. Hicks
October 2, 2022
The 4 Ps of Global Marketing: What They Are and How to Use Them
The four Ps are a “marketing mix” comprised of four key elements—product, price, place,
and promotion—used when marketing a product or service. Typically, businesses consider the
four Ps when creating marketing plans and strategies to effectively market to their target
audience.
Although there are many other “marketing mixes,” the four Ps are the most common and
foundational to creating a successful marketing plan. In this article, you will learn more about
their purpose, history and find a detailed breakdown of the four Ps.
What are the 4Ps of marketing? (Marketing mix explained)
The four Ps are product, price, place, and promotion. They are an example of a “marketing
mix,” or the combined tools and methodologies used by marketers to achieve their marketing
objectives.
The 4 Ps were first formally conceptualized in 1960 by E. Jerome McCarthy in the highly
influential text, Basic Marketing, A Managerial Approach [1]. There, McCarthy noted that while
the text of the book was “similar to that found in the traditional texts, the approach is not.”
McCarthy’s novel approach was influenced by the still-recent “marketing mix” concept,
which Harvard Business School professor Neil. H. Borden popularized in the 1950s. In fact,
Borden himself had been influenced by a 1948 study written by James Culliton, in which the
author equated business executives to “artists” or “mixer[s] of ingredients” [2]. Rather than
using the same approach for every situation, then, Culliton and Borden recognized that
successful executives instead mixed different methods depending on variable market forces.
McCarthy streamlined this concept into the four Ps—product, place, price, and promotion—
to help marketers design plans that fit the dynamic social and political realities of their time and
target market. In effect, the purpose of the four Ps remains the same today as when McCarthy
first published his book: “developing the ‘right’ product and making it available at the ‘right’
place with the ‘right’ promotion and at the ‘right’ price, to satisfy target consumers and still
meet the objectives of the business” [3].
The four Ps
The four Ps form a dynamic relationship with one another. Rather than one taking priority
over the other, each is considered equally important in crafting a strategic marketing plan.
Product
The product is the good or service being marketed to the target audience.
Generally, successful products fill a need not currently being met in the marketplace or
provide a novel customer experience that creates demand. For example, the original iPhone
filled a need in the market for a simplified device that paired a phone with an iPod, and the chia
pet provided a humorous experience for consumers that was utterly unique.
As you are working on your product, it is essential to consider your target audience and their
unique needs. Some questions to consider when working on a product include:
What is your product?
What does your product do? Does the product meet an unfilled need or provide a novel
experience?
Who is your product’s target audience?
How is your product different from what others offer?
Price
Price is the cost of a product or service.
When marketing a product or service, it is important to pick a price that is simultaneously
accessible to the target market and meets a business’s goals. Pricing can have a significant
impact on the overall success of a product. For example, if you price your product too high for
your targeted audience, then very few of them will likely purchase it. Similarly, if you price your
product too low, then some might pass it up simply because they are concerned it might be of
inferior quality and cut into your potential profit margins.
To identify a successful price, you will want to thoroughly understand your target audience
and their willingness to pay for your product. Some questions you might ask yourself as you are
considering your product’s price include:
What is the price range of your product’s competitors?
What is the price range of your target audience?
What price is too high for your audience? What price is too low?
What price best fits your target market?
Place
Place is where you sell your product and the distribution channels you use to get it to your
customer.
Much like price, finding the right place to market and sell your product is a key factor in
reaching your target audience. If you put your product in a place that your target customer
doesn’t visit—whether on or offline— then you will likely not meet your sales target. The right
place, meanwhile, can help you connect with your target audience and set you up for success.
For example, imagine you are selling an athletic shoe you designed. Your target market is
athletes in their early twenties to late thirties, so you decide to market your product in sports
publications and sell it at specialty athletics stores. By focusing on sports stores over shoe
stores in general, you are targeting your efforts to a specific place that best fits your marketing
mix.
To decide the best place to market and sell your product, you should consider researching
the physical or digital places that your target audience shops and consumes information. Some
questions to consider include:
Where will you sell your product?
Where does your target audience shop?
What distribution channels are best to reach your target market?
Promotion
Promotion is how you advertise your product or service. Through promotion, you will get the
word out about your product with an effective marketing campaign that resonates with your
target audience.
There are many different ways to promote your product. Some traditional methods include
word of mouth, print advertisements, and television commercials. In the digital age, though,
there are even more marketing channels that you can use to promote your product, such as
content marketing, email marketing, and social media marketing.
Some questions to consider as you are working on your product promotion include:
What is the best time to reach your target audience?
What marketing channels are most effective for your target audience?
What advertising approaches are most persuasive to your target audience?
Other marketing mixes
The four Ps aren’t the only marketing mix used today. Some other modern marketing mixes
include the five Ps, the seven Ps, and the 5 Cs. Although each of these reflects certain aspects of
the four Ps, they also each possess some unique elements that alter their emphasis on the
marketing process.
The five Ps
The five Ps are product, price, place, promotion, and people.
Today, many marketers use the five Ps over the four Ps because it centers the experiences of
customers and staff in the marketing process. Typical considerations include how a customer
behaves, their experience with the product, and their overall satisfaction with the business.
The seven Ps
The seven Ps are product, price, place, promotion, people, processes, and physical evidence.
The seven Ps are a further elaboration of the five Ps, adding considerations of the processes
that define the customer experience and the physical evidence that the target market needs to
see to become customers. While processes might involve the specific customer service processes
that define a product, physical evidence can be websites or store displays that help the target
market imagine themselves using the product.
The five Cs
The five Cs are customer, company, competition, collaborators, and climate.
In some respects the five Cs reflect many of the same concerns of the four and five Ps, but with
added emphasis on external factors, such as possible outside collaborations and competitive
research.
Furthermore, while “climate” refers to the social, political, and economic context surrounding
the market, “customer” refers to the target market and customer experience. “Company,”
meanwhile, refers to the place of the company and their available resources in the marketing
process.
