1960, Mr Eugene McCarthy decides to simplify and narrow down the list of marketing procedures and policies to produce the profitable enterprise.
So the guy comes up with the 4Ps:
- PRODUCT
- PLACE
- PRICE
- PROMOTION
Why do we share his list with you? Good question. Spanish marketers are not bad at all. But how do they fare abroad? Are they really able to transfer their skills to other markets when they don’t even speak English properly? Not really.
So here is the challenge and the opportunity; follow our articles written in English and try to learn in English what you already know in Spanish.
Coming back to the 4Ps, lets review what they stand for:
PRODUCT – e.g. the offering and how it meets the customers’ need, its packaging and labeling.
PLACE – (distribution) e.g. the way in which the product meets customers’ needs.
PRICE – e.g. the cost to the customer, and the cost plus profit to the seller.
PROMOTION – e.g. how the product’s benefits and features are conveyed to the potential buyer.
Why did Mr McCarthy bring up the 4Ps? The intention was to create a simpler framework around wich managers could develop their planning. What do you know about the other players in the Marketing Mix? Such as branding, servicing, fact finding and analysis, etc.
Please share your views and comments (try in English if you want to practice)