Model of 4P

The 4P model consists of 4 elements such as:

• Price
• Product
• Place
• Promotion

These are the bases thanks to which we can influence the market. It is a very simple business model thanks to which we can plan our marketing strategy to be as effective as possible. In this way, we can reach many customers and provide them with the most valuable and sought-after product. Choosing a good business model is a key element of marketing. This model was presented by Jerome McCarhy and the main assumption was the concept of creating a product that would be available at the right time and place at a reasonable price and promoted through thoughtful channels.

References

Home (2023) MindTools. Available at: https://www.mindtools.com/akksnwa/themarketingmixandthe4ps (Accessed: March 8, 2023).

Learning, L. (2023) Introduction to business, Marketing Mix Introduction | Introduction to Business. Available at: https://courses.lumenlearning.com/suny-hccc-introbusiness/chapter/marketing-mix-introduction/ (Accessed: March 8, 2023).