There are two widely recognized marketing frameworks: the 4 Ps and the 7 Ps of marketing.
The 4 Ps of Marketing
The traditional marketing mix consists of the "4 Ps," which are:
- Product
- Price
- Place (Placement)
- Promotion
The 7 Ps of Marketing
The 7 Ps of Marketing is an expansion of the 4 Ps. According to the reference material, the "7 Ps of Marketing" are:
- Product
- Price
- Promotion
- Place
- People
- Packaging
- Process
Therefore, depending on which framework you are referring to, there are either 4 or 7 "Ps" of marketing. The 7 Ps framework expands upon the original 4 Ps to include elements more relevant in today's service-oriented and customer-centric business environment. The classic "4 P Marketing Mix" was established by Professor of Marketing at Harvard University.
