Saturday, December 18, 2010

The four Ps of marketing

I'm currently taking a marketing course for my pharmaceutical and healthcare executive MBA through St. Joseph's University Erivan K. Haub School of Business. As I go through business school, I'll periodically share some of the lessons that I'm learning. This week, I thought I'd share with you the "four Ps of marketing." There's nothing like reading a textbook and having discussions with other business students. Professor Bill Trombetta does a great job facilitating discussions in the classroom.

So, the 4 Ps of marketing are:
  1. Product
  2. Price
  3. Promotion
  4. Place
Before you can market a product or service, you need to consider this "marketing mix" that includes various elements from these "4 Ps of marketing."

The world of marketing is rapidly evolving today because of the power of social media. Websites like Facebook and Twitter are changing the way consumers are communicating about companies and brands. As a result, non-traditional forms of marketing (e.g., blogs, tweets, user-generated videos, etc.) will soon become the "norm" in marketing.

Well, time to get back to my business school assignment. It's fun being a student again!

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