Evolution of the 4 P’s of Marketing

Efficient and effective marketing strategies are one of the most sought out assets for every company. Terms like “ROI” and “marketing funnel” get thrown around, but truthfully, customers care about the end result: what is making them money? The marketing mix was a concept created by experts to resolve the issue above; however, over the years it has gone from 4 P’s (words that start with P) to as many as 12 P’s, depending on your conceptual view of marketing.Today, I will focus on the eight most applicable aspects of the B2B space: price, product, promotion, place, purpose, people, perception, and process. The traditional marketing mix is what most marketing professionals have referenced over the past 65 years and considered the framework for business growth. The popular term for this is the 4 Ps of Marketing, which includes price, product, promotion, and place. Whether it be product development or the formation of a new company, these concepts are utilized in bringing a new product or service to market.