At the core of marketing in the Age of Mass Markets is a four-factor classification of marketing decision variables that everyone learns in first-year marketing courses, the “four P’s.” These P’s are product, place, promotion, and price.
What’s missing? Profitability, which I call the “fifth P.”
The four-P mentality is responsible for the crazy-quilt pattern of profitability in every business today. It is simply assumed that if the four P’s are set correctly, maximum profitability will be the byproduct. This assumption is completely wrong.
Source: Harvard Business School (HBS) Working Knowledge
Subject: Marketing / Sales