What does the framework 4P stand for?
1. Product
Variety, quality, design. Features, brand name, packaging and services.
2. Price
List price, discounts, allowances, payment periods, credit terms.
3. Place
Channels, coverage, assortments, locations, inventory, transportation and logistics.
4. Promotion
Advertising, personal selling, sales promotion and public relations.
Together these form a framework useful to companies when targeting their customers and finding the best position.