Anyone who’s taken a Marketing 101 class in the last 30 or 40 years has likely been introduced to the subject with the concept of the “Four P’s” of marketing.
The four P’s are a widely used mnemonic device coined by the head of the American Marketing Association in 1953 meant to help illustrate the role of a marketer. They include: product, pricing, placement and promotion.
For a long time these four P’s were sufficient to explain the entirety of what marketers did, but marketing has changed a lot in recent years and suddenly these four categories don’t tell the whole story.
