The fifth "P"

Everyone who has studied marketing in the last 50 years has been introduced to the Four Ps of Marketing. It was E. Jerome McCarthy who originally developed the mnemonic which acts as a functional and memorable classification system of the various elements of marketing. Originally, McCarthy defined the marketing mix as a combination of controllable factors at a marketer's command to satisfy a target market. Under the previous marketing model, we sold what we made or produced. Under the new model, we must sell what the customer wants. The old marketing mix looked at the 4Ps of marketing—product, price, place, and promotion. Whether you are thinking of setting up, starting, or expanding your business or selling any product or service, ...

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