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Lesson 1.1. Defining Marketing as a Function and Practice
The Four-P Model of Marketing
At its heart, marketing is the act of getting the right product (with the right price) in front of the right people with the right message. It’s this alignment that facilitates consumer interest, engagement, and purchase behavior. McCarthy’s four-P model buckets marketing functions into four main areas: product, price, promotion, and place.
Figure 1.1.1. Marketing Mix. Adapted from Marketing Management (15th ed.), by P. Kotler & K. Keller, 2016. Pearson.
The Walt Disney Company has had a lot of marketing success in the entertainment industry and is a perfect example of the 4-P framework. The organization's competitive marketing strategy takes into account the different needs of its operations in retail, entertainment, media, and resorts by creating strategies and tactics that focus on product, price, place, and promotion.
In addition, the company is consistently looking for new marketing channels for its products. Its newest venture is a "Prime-style" subscription service that will include exclusive benefits and discounts across its product portfolio. Check out how the company is shifting its model to mimic another marketing conglomerate, Amazon.