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The Contemporary Marketing Management Glossary

Marketing Mix: Product, Price, Place, Promotion (4P)

Short Definition

The set of controllable marketing tools that a company uses to create and deliver value to its customers. Traditionally defined by the 4Ps—Product, Price, Place, and Promotion—the Marketing Mix has evolved to include new dimensions that reflect the complexity of contemporary markets.

Context

The Marketing Mix concept was first formulated by Neil Borden in the 1950s and later popularized by E. Jerome McCarthy (1960), who introduced the classic 4P model: Product, Price, Place, Promotion. As markets evolved from mass production to customer-centric ecosystems, scholars expanded the mix to 7Ps, adding People, Process, and Physical Evidence, especially within service marketing (Booms & Bitner, 1981). In the age of digital transformation and Impact Marketing, the mix further integrates new components such as Brand, Communication, and Incentives, redefining how organizations create, communicate, and sustain value across the entire stakeholder system.

Extended Definition

The Modern Marketing Mix represents a multidimensional framework that aligns business objectives with social and environmental impact.

In contemporary practice, the mix includes:

  1. Product – the tangible or intangible offer that satisfies customer needs and expectations.

  2. Service – the added value and experience accompanying the product.

  3. Brand – the symbolic and emotional dimension that conveys identity and trust.

  4. Price – the economic value that balances profitability and perceived fairness.

  5. Communication – the dialogue that informs, persuades, and engages stakeholders.

  6. Incentives – programs or mechanisms that foster loyalty and participation.

  7. Distribution (Place) – the physical or digital channels that deliver value to users.

Within Contemporary Marketing Management and Enlightened Management, the Marketing Mix expands its philosophical and ethical foundation through the formula of the 3P framework:

People × Purpose × Planet = Prosperity

This integration reframes marketing as a driver of collective prosperity, where economic success (Profit) emerges as the result of aligning human well-being, ethical purpose, and ecological responsibility.

In this view, the Marketing Mix is not only a set of tactical levers but a systemic architecture of value creation, merging traditional market objectives with sustainability and societal benefit.

Contemporary Example

A company developing an eco-friendly fashion brand may integrate the modern Marketing Mix by offering ethically sourced products (Product), reinforcing authenticity through brand storytelling (Brand), using transparent pricing (Price), promoting via purpose-driven campaigns (Communication), rewarding customer engagement (Incentives), and distributing through sustainable logistics (Distribution).

See also

Part of chapter: Glossary