Class: MKT 301 - Principles of Marketing
Professor: Prof. Mark Davis
Date: November 14, 2023
Topic: Lecture: The Marketing Mix (The 4 Ps)
I. The Core of Marketing Strategy:
The "4 Ps" are the controllable tactical tools a company uses to produce
the response it wants from its target market.
II. Detailed Notes on the 4 Ps:
1. Product
The goods, services, or experiences offered to the target market to
satisfy a need or want.
It's not just the physical object. Decisions include:
o Product variety, features, quality, design, branding,
packaging, services, warranties, support.
Key Question: What are we selling, and what need does it fulfill?
2. Price
The amount of money customers must pay to obtain the product.
Critical because it generates revenue (the other Ps are costs).
Decisions include:
o List price, discounts, allowances, payment period, credit
terms.
o Must reflect the product's perceived value and align with the
brand's positioning (e.g., luxury vs. budget).
Key Question: What is the value proposition to the customer?
3. Place
Involves all company activities that make the product available to
target consumers.
Also known as distribution.
Decisions include:
o Channels (direct-to-consumer, retail, wholesale, online),
market coverage, locations, inventory, logistics, supply chain.
Key Question: Where and how will customers access our product?
4. Promotion
Activities that communicate the merits of the product and persuade
target customers to buy it.
This is the marketing communication mix.
Decisions include:
o Advertising (paid, non-personal: TV, online ads)
o Sales Promotion (short-term incentives: coupons, discounts)
o Public Relations (building good relations: press releases,
events)
o Personal Selling (personal presentation: sales force)
o Direct & Digital Marketing (direct communication with
individuals: email, social media)
III. The Integrated Mix:
The 4 Ps are not independent. They must work together to deliver a
consistent value proposition.
Example: A high-end Product (Rolex watch) requires a
premium Price, exclusive Place (high-end jewelry stores), and
sophisticated Promotion (glossy magazine ads, celebrity
endorsements). Using a discount promo code would break the
strategy.
IV. Modern Context:
Some theorists argue for an expansion to include other Ps like People,
Process, and Physical Evidence (especially for services), but the 4 Ps
remain the foundational framework.
V. For Next Time:
We will begin a deep dive into Market Segmentation, Targeting, and
Positioning (STP). This is how you decide who your target market
is before you design the 4 Ps for them.
These notes are intended for personal study use only by a student of this
class. Distribution without the author's permission is prohibited.
