Marketing Mix 4P is a method for determining product strategy and product portfolio. Father of this thought was Neil H. Borden. It was based on the analogy withe a cake mix. He claimed that the starting powder is a suitable basis for baking a good cake. It can be modified to some extent (sugar, flavour…), but it is no good to overdo it (e.g. too much sugar).
- Product - the product and its features from the customer perspective - quality, reliability, design, brand, warranty, service and other services, etc.
- Price - the price of the product and total pricing policy
- Place - the way of distribution the product from the manufacturer to the final customer
- Promotion - the ways of product promotion
Individual components of the marketing mix are also known as:
- Product mix
- Contract mix
- Distribution mix
- Communication mix
Marketing mix 4P is the marketing mix in business perspective, the alternative is marketing mix 4C, that comes from the customer perspective.