The principle of the 4P Matrix is that marketing decisions usually fall into four controllable categories: product, place, price and promotion. Carefully positioning your product in each category will generate the greatest response from your target market.
The 4P Matrix dates back to the 1960s, and is arguably the most frequently used marketing matrix because it’s simple and it works. The 4P matrix can help you define your marketing options, whether you’re planning to launch a new product or you’re evaluating an existing one.
As a small business owner, learning to use the 4Ps successfully gives you an advantage over the competition and that’s good for your bottom line.