Product, Price, Place, and Promotion
Marketing has been greatly misunderstood for years. When I ask my classes to define marketing, they invariably define it as “sales,” or “promotion,” or “PR.” Marketing is these things, but it is also much, much more.
Essentially, marketing is an exchange. I, the employer, give up money, benefits, and security to you, the employee, in exchange for services, the quality work that you perform everyday on my behalf. That’s an exchange.
But, marketing uses many techniques to manage this exchange. Many people know marketing as the “4 P’s.” These “P’s” stand for (1) Product, (2) Price, (3) Place, and (4) Promotion. (The “4 P’s” have been expanded in some circles to the “5 P’s” and even the “6 ...
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