In the 1940’s Harvard Professor James Culliton introduced the concept that marketers are "mixers of ingredients,". His colleague Neil Borden, followed by coining the phrase “Marketing Mix” and the 4 P’s of marketing was born.
Products fulfills consumer’s needs or wants in specification, design and innovation and typically backed up with warranties, guarantees and customer support. branding, packaging, labelling.
Pricing is the cost a customer and consumer is willing to pay for the product or service. The method for setting prices is referred to as a pricing science.
Place refers to how and where a customer can purchase the product or service. It defines distribution channels such as wholesalers, distributors, VAR’s, websites, brick and mortar and/or retailers.
Promotion includes all of the marketing communications elements. Advertising, sales promotion, promotional education materials, public relations, publicity, personal selling, product placement, branded entertainment, event marketing, trade shows and exhibitions, and more. Sales promotions create short term purchasing incentives but are not used to build brand loyalty.