chapter  8
The Marketing Function
Pages 36

The Four Ps of Marketing Marketing is a term that encompasses a wide variety of activities. The American Marketing Association defines it as “the process of planning and executing conception, pricing, promotion, and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives.”1 Marketing is said, at a simpler level, to involve four functions, each beginning with the letter “P”: product, pricing, promotion, and place (distribution).2 The objective of these functions for most firms is usually stated as the marketing concept-the creation and delivery of a product (broadly speaking) that will satisfy consumer needs, at a price that will allow a profit to be made for the organization.3