MarketingGlossary of Terms

The 4Ps’ or the Marketing Mix as it is also referred to, is the combination of marketing activity that affects the motivation and behaviour of your customers.

Product - What you sell, the quality of the product etc.
Place - Where you are going to sell it/distribution/suppliers
Price - The pricing structure of your product or service in it's market
Promotion - The way in which you communicate your product or service to your customer

There are three additional Ps’ that are now taken into consideration, usually when referring to service industries.

People - Your personnel, delivering your service, good customer service will lead to customer loyalty
Processes - All company processes including how you would deal with customer complaints, process orders, processes for identifying customer needs and requirements etc
Physical evidence - What your customers see or experience when they use your service or what they take away which reminds them it was you rather than a competitor they used

Communication Tools

Sometimes called the promotional mix, these are methods in which you can communicate your product or service.

Advertising - Promotion of a product or service using paid-for media
Personal Selling - One-to-one communication between you and your prospective customer
Public Relations - This activity protects the reputation of your company or brand
Direct Marketing - Communicating with your customers by post, telephone, e-mail or other direct means
Packaging - How you present your product and brand/logo
Sales Promotion - This is when you use methods of discounting, free gifts, competitions and sponsorship.