What Are the 4 Ps of Marketing and Are They Relevant?

The four Ps of marketing refer to the marketing mix — elements surrounding a service or product that a business owner or marketer has to consider and evaluate to succeed. They include product, price, place and promotion.

The 4 Ps of Marketing

Here's what they mean and how they relate to marketing, according to the American Marketing Association.

Product

What are you selling? Whether it's something you wear or download, a service or subscription, understanding your product is key. Consider its features, benefits and unique selling points. Think about how it's packaged or branded. All of this is part of understanding the product.

Price

How much value does your customer place on your product, and how much are they willing to pay for it? These questions will help you make informed decisions when it comes to pricing, as well as sales and discounts.

Place

Where and how will you distribute your product? You may want to sell your product directly. Or, you may decide to sell your product via distributors. You'll also need to consider whether you want to sell your product in person, online or both.

Promotion

Which marketing communications will you use to sell your product? Consider the timing, frequency and methods you'll use to communicate with prospective customers. Maybe you'll advertise — in print, on billboards or digitally. Maybe you'll have employees sell door-to-door. Even public relations campaigns and strategic sales (such as semi-annual sales) are part of promotion.

While these are traditionally considered the four main components of marketing, there are additional elements you'll want to consider if you want to market a product well.

Which of the Four Ps is Most Important?

Product, price, place and promotion are all integral considerations in marketing. It's difficult to determine the most important of these essential components, as they all interact and work in tandem.

You need a product, or you would have nothing to market. Businesses need to make money to stay afloat, so price is a vital consideration. And even if you have people who want your product and a well-thought-out price point, consumers still need a place to purchase the product, whether online or in person. Finally, without promotion, your customers wouldn't know about your product.

In this way, none of the four Ps of marketing can really be deemed the most important, as they are all crucial considerations in any marketing strategy.

While the four Ps of marketing were long considered standard marketing theory, changes to the marketing landscape — including the rise of the internet — have shifted the perspectives of some marketers. Alana Burns, the chief marketing officer at Southern New Hampshire University (SNHU), said the traditional four Ps of marketing are too focused on a brand.

“They still matter, but they’re a singular way of looking at things,” Burns said. “What they don’t consider is the audience. They’re very brand-centric, not customer-centric," she said. "The four Ps are still relevant. They’re just not the most relevant.”

There are other ways to think about marketing when you're coming up with a marketing strategy, too.

What is the Best Marketing Strategy?

There is no one-size-fits-all solution for developing an effective marketing strategy. Creating the best one for your brand or product requires you to think about your goals and how to achieve them.

"A good strategy needs to incorporate the mission and core values of the organization as a whole,” said Susan Bogle, vice president of product marketing and university partnerships at SNHU. “You need to know the end goal … Strategy helps guide your initiatives to reach your goals throughout your marketing plan. It all needs to be actionable and measurable along the way.”

Marketing in the digital age is immensely complex — the internet and new media have added so many options to a marketer’s toolbox. Traditional print advertising and broadcast commercials are no longer your only options, and consumers can be reached 24 hours a day through video ads on websites, email campaigns and even text messages.

Dr. Tracy Tuten, a marketing adjunct faculty member at Southern New Hampshire University (SNHU) with 25 years of experience as a marketing professional and researcher, stressed the importance of being nimble in this field.

"Stay updated on industry trends and technological advancements, as they can greatly influence marketing strategies and tools," she said.

According to Tuten, the rise of digital marketing has underscored the need for skilled marketers. She noted that digital marketing and data analytics are important areas of focus, and earning a specialized degree in these area can be beneficial. 

While digital marketing is popular, it's not the only strategy you should consider. There are several popular modes of thinking about marketing strategies and how companies and consumers interact. Here are a few.

What Are Moments of Truth in Marketing?

One of the key ways Burns said she thinks about different aspects of marketing strategies she oversees is called moments of truth. Author and marketing guru Robert Rose, writing for the Content Marketing Institute, defined the moments of truth as:

• First Moment of Truth (FMOT): The moment that a customer is confronted with a choice of product or service to buy.
• Second Moment of Truth (SMOT): The moment a customer has a positive or negative experience with a product or company.
• Third Moment of Truth (TMOT): The moment a customer decides to give feedback or reacts in some way to their experience.

Beginning with the First Moment of Truth seems to make sense, but there’s an even earlier moment. The Zero Moment of Truth (ZMOT) was introduced by Google around 2011, according to Rose. That's the moment a person is confronted with a problem of some sort and turns to their laptop or phone to look for a product or service to help them.

AIDA: Attention, Interest, Desire and Action

Another framework to think about marketing strategy, goals and a company or product’s connection with consumers is AIDA – Attention, Interest, Desire and Action.

Saphia Lanier, a content writer and strategist, broke down the terms in a HubSpot blog post:

• Attention: Your customers have to be paying attention to your product or brand if they are to think of you when they have a problem to solve. A presence on social media sites is one way companies can gain users' attention.
• Interest: Attention won’t necessarily mean much if your customers aren’t interested in your product or service. Companies can explain their services and mission on their website to enable consumers to learn more.
• Desire: When your customers are interested, your content will — hopefully — inspire a desire to consume it and develop a level of trust. Many companies provide content on social media, blogs and more.
• Action: Finally, spurring action is the final step. The specific action a consumer takes can be varied depending on your goals, from downloading a trial of your product or service to inquiring about making a purchase.

A well-executed marketing plan that considers all of these elements.

What Are the Four Es of Marketing?

Another prism through which you can view a customer’s journey from awareness to purchase is called the four Es of marketing. Dr. Dionne Boyd, a marketing instructor at SNHU and the founder and CEO of an international marketing consultancy, said she finds this method of thinking about products and talking about marketing with her clients more relevant.

“That’s the new language of how marketing has changed,” she said.

The International Journal of Innovations in Engineering Research and Technology expounded on this method and how each E is a different way of thinking about the Ps of marketing.

1. Evangelism: Developing loyal customers who praise your product or services and contribute to brand awareness through word of mouth.
2. Everyplace: Creating a seamless and engaging experience for consumers across digital platforms.
3. Exchange: Establishing your product or service's value, be it informational, entertainment or personal fulfillment.
4. Experience: Delivering memorable experiences and emotional connections to your product or service, showing it's not just a commodity.

Creating Consumer-Focused Marketing

While marketing has undergone a sea of change with digital media development, according to Bogle, many of the fundamental concepts remain just that — fundamental.

Framing those original concepts through the consumer's perspective can help you understand how to market your product. "Every product must have value. Place matters but has become a lot more complex in a digital world,” Bogle said. “Price is always top of mind to a consumer, but I think value is really where it is at in our industry."

She's taken note of these patterns by listening to prospective students and what they're looking for in their degree programs. "They want to know there will be a good return on their investment when it comes to a college degree. Earning a degree takes both precious time and money. We often hear prospects ask, 'How much and how long will it take?'" Bogle said.

Joe Cote is a writer and organic marketer at Southern New Hampshire University (SNHU), where he has worked since 2016. Previously he spent more than a dozen years as a reporter and editor at weekly and daily newspapers in Vermont and New Hampshire. He lives near SNHU's Manchester, New Hampshire campus with his wife and daughter. Connect with him on LinkedIn.