four P's

four P's definition - business

four P's

The four fundamental components of successful marketing: product, place, price, and promotion. The four P's involve marketing the appropriate good or service to the desired customer base at a satisfactory price.

Does the relative importance of each of the four P's vary with the type of business being evaluated?

There are definitely times when price will be a customer's number-one concern. If you are selling a commodity or a service in a highly competitive environment, a customer may simply be looking for the best price he or she can get and will always take the lowest bid. If, however, you have a good track record with a customer and have brought value to him or her through superior ideas and execution, price often becomes less of a focus.

E. Mace Lewis, Vice President, Business Development, QD Healthcare Group, Greenwich, CT

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

Comments
Improve this definition.
Do you have more to add? Share your linguistic knowledge or observation.
/Register to save your comments.