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Unit 1: Defining Marketing
Written Assignment Unit 1
University of the People
BUS 2201: Principles of Marketing
Instructor: Mikele Ketchem
February 2, 2022
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Unit 1: Defining Marketing
In the early 1950s marketers had used the 4 Ps to define the four components of
marketing: 1) Product, 2) Promotion, 3) Place, and 4) Price. While catchy, the 4 Ps model does
not fully portray the marketing process and all its activities. After all, the four Ps are nouns –
they do not refer to actions. More recently, marketing professionals replaced the four nouns with
more appropriate verbs: 1) Creating, 2) Communicating, 3) Delivering, and 4) Exchanging
(Tanner & Raymond, 2015). But is there any difference? Let us compare these similar yet
profoundly different concepts.
Product vs. Creating
Product refers to the good or service. This trditional definition includes physical aspects -
like the design and packaging - and intangible solutions like return policies and warranty
coverage. Creating is much more than the physical product. It includes the entire design process -
from ideation to collaborating with manufacturers and end-users - to put together an offering of
optimal value (Tanner & Raymond, 2015).
Promotion vs. Communicating
Promotion “includes advertising, sales promotions and PR efforts” (Kareh, 2018, para. 8).
Promotion is the most publicly visible aspect of marketing (advertising). When we think of
marketing, we probably think primarily of promotion. Communicating, however, is much more
than just commercials. This new definition now describes a two-way flow of information where
customers can express their thoughts about the company. Marketers educate consumers about
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their offerings while also gathering customer opinions. This feedback loop ensures that value is
added or maintained in the product offering. Technological advances like social media make the
rapid exchange of ideas possible.
Place vs. Delivering
Place refers to the marketplace where the consumer can access or acquire the service or
good. The placement determines how accessible or scarce the offering will be. Delivering is also
placement but includes ensuring that the customer derives value from the offering and has access
to after-purchase conveniences – like customer support and warranties. This process also
examines the supply chain from beginning to end and promotes optimal efficiency (Tanner &
Raymond, 2015).
Price vs. Exchanging
The monetary value assigned to a good or service is the last P - price. The
word exchange is more dynamic. It suggests that a value transaction is happening. Exchanges
can also occur multiple times during the lifetime of a good or service. What is more, marketers
now examine and understand the importance of making transactions hassle-free – whether at the
point of sale, trade-in, or time for disposal (Tanner & Raymond, 2015).
Conclusion
The 4 Ps have evolved from relatively narrow concepts to broad, dynamic ideas that
focus on creating, optimizing, and exchanging value. This shift in focus improves the wellbeing
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of society by maximizing consumer benefits while minimizing prices and hassle. The value
approach to marketing benefits both company and customer.
Word Count: 467
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Reference
Kareh, A. (2018, January 8). Evolution of the four Ps: Revisiting the marketing mix. Forbes.
https://www.forbes.com/sites/forbesagencycouncil/2018/01/03/evolution-of-the-four-ps-
revisiting-the-marketing-mix/?sh=3ad63f451120
Tanner, J. & Raymond, M. A. (2015). 1.1 Defining marketing. The University of Minnesota
Libraries. https://open.lib.umn.edu/principlesmarketing/chapter/1-1-defining-marketing/
