What are the 4 P’s of Marketing?

The “4 P’s of Marketing” refer to the four key elements comprising the process of marketing a product or service. They involve the marketing mix, which is a mix of tools that a company uses khổng lồ influence consumers into buying its product. The kinh doanh mix addresses factors such as:

Understanding the needs or desires of consumersIdentifying the cause of the failure of the current sản phẩm offeringFinding ways khổng lồ solve said problems và change public perception of the product/serviceUnderstanding how the hàng hóa interacts with consumers and vice versa

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History of the 4 P’s of Marketing

The individual who conceptualized the 4 P’s of sale was a Harvard University professor named Neil Borden. In 1964, Borden introduced the idea in one of his published articles called “The Concept of the sale Mix.” he mentioned that many companies could use the framework to lớn increase the likelihood of their success when advertising their products.

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Marketing Mix

1. Product

A product is any good or service that fulfills consumer needs or desires. It can also be defined as a bundle of utilities that comes with physical aspects such as design, volume, brand name, etc. The type of hàng hóa impacts its perceived value, which allows companies to price it profitably. It also affects other aspects such as product placement & advertisements.

Companies can change the packaging, after-sales service, warranties, & price range, or expand khổng lồ new markets to meet their objectives. Marketers must understand the hàng hóa life cycleProduct Life CycleThe hàng hóa Life Cycle (PLC) defines the stages that a sản phẩm moves through in the marketplace as it enters, becomes established, & exits the marketplace and come up with strategies for every stage in the life cycle, i.e., introduction, growth, maturity, and decline.

2. Price

The price of a sản phẩm directly influences sales volume and, consequently, business profits. Demand, cost, pricing trends among competitors, and government regulations are crucial factors that determine pricing. Price usually reflects the product’s perceived value rather than its real value. This means that pricing can be increased to lớn promote exclusivity or reduced khổng lồ create access.

Thus, pricing involves making decisions in terms of the basic price, discounts, price alteration, credit terms, freight paymentsFreight ExpenseFreight expense refers lớn the price that is charged by a carrier for sending out cargo from the source location lớn the destination location. The expense is paid by the person who wants the goods transported from one location lớn another. The amount of freight expense charged depends on the mode of transportation, etc. It is also important lớn analyze when & if techniques lượt thích discounting are required or appropriate.

3. Promotion

Promotion involves decisions related khổng lồ advertising, salesforce, direct marketing, public relations, advertising budgets, etc. The primary aim of promotion is to lớn spread awareness about the product & servicesProducts và ServicesA product is a tangible cửa nhà that is put on the market for acquisition, attention, or consumption while a service is an intangible item, which arises from the offered by a company. It helps in persuading consumers to choose a particular product over others in the market. Promotional efforts include the following:

Advertising: A means of selling a product, service, or idea through communicating a sponsored, non-personal message about the product.Public relations: Involves management & control of the flow & matter of information from one’s organization lớn the general public or other institutions.

4. Place (or Distribution)

Place involves choosing the place where products are to be made available for sale. The primary motive of managing trade channels is khổng lồ ensure that the product is readily available lớn the customer at the right time and place. It also involves decisions regarding the placing and pricing of wholesale & retail outlets.

Distribution channels such as outsourcing or company transport fleets are decided upon after cost-benefit analysis. Small details such as shelf space committed lớn the product by department stores are also included.

Extensions to lớn the 4 P’s of Marketing

New marketers recommend expanding the 4 P’s of marketing to include services as well. They include:

People: Servicing involves a direct interaction of service providers và consumers, which increases the scope for subjectivity. Appearances, communication, discretion, consumer interaction, behavior, and attitude of service are important aspects.Physical Evidence: Atmosphere, layout, và design of the workplace can largely impact the brand image of a product.

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Process: Standardized procedures are usually adopted in cases of policy, procedures, systems, and consumer involvement to lớn create continuity while delivering services.

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