marketing
Marketing Mix (4P / 5P)
Classic framework: Product, Price, Place, Promotion (plus People in the 5P version).
Definition
The 4P marketing mix - Product (what you sell), Price (what you charge), Place (where it's sold / delivered), Promotion (how you market it) - is the classic 1960s framework for building a go-to-market. The 5P version adds People (the team and customer-facing staff). For service businesses, 'Place' becomes 'channel' (direct sales, partnerships, online), and People is often the most important P. Use the framework when launching a new service or repositioning - it forces decisions across all four (or five) levers, not just promotion.
In your business
- →Use when launching a new service or repositioning - not for daily decisions
- →Anchor decisions across all 4 Ps consistently - don't let promotion drift from product
- →Add People as the 5th P for service businesses - it's often the differentiator