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four P's business definition
The four fundamental components of successful marketing: product, place, price, and promotion. The four P's involve marketing the appropriate good or service to the desired customer base at a satisfactory price.
Does the relative importance of each of the four P's vary with the type of business being evaluated?
There are definitely times when price will be a customer's number-one concern. If you are selling a commodity or a service in a highly competitive environment, a customer may simply be looking for the best price he or she can get and will always take the lowest bid. If, however, you have a good track record with a customer and have brought value to him or her through superior ideas and execution, price often becomes less of a focus.
E. Mace Lewis, Vice President, Business Development, QD Healthcare Group, Greenwich, CT