4 p's of marketing
4 p's of marketing is the most intimate marketing term. The 4 p's helps organizations make strategic decisions when launching new products or revising the existing product. In simple words, the 4 p's of marketing is the set of methods or actions that a company or business used to promote its product or brand in the market.
The 4 p's of marketing is also known as the marketing mix, -
· Product
· Price
· Place
· Promotion
(the 4 p's marketing strategy was first introduced in the 1960s by professor and author E-Jerome McCartney.)
Definition by the expert:
As indicated by Philip Kotler - "Marketing Mix is the mix of four components called the 4P’s (product, Price, Promotion, and Place), that each organization has the option of adding, subtracting or modifying to create the desired marketing strategy"
According to Wikipedia "The marketing mix is an established model for organizations. The marketing mix has been characterized as the "arrangement of marketing tools that the firm uses to pursue its marketing objectives in the objective market". Thus, the marketing mix refers to four broad levels of marketing decisions, namely: product, price, place, and promotion."
Describe,
- Product: The product is the most important item is the marketing mix. Product refers to an item that satisfies the consumer's needs and wants. Many of product is tangible(goods) or many of product is intangible.
- Price: Price is also a very important component of the marketing mix definition. Price is referring to the value that is put of a product. Price determines your company's profit and survival. Adjusting the price of the product has a big impact on the entire marketing strategy as well as extremely affecting the sales and demand of the product.
- Place: place refers to the point of providing customer ingress. The place is also known as channel, distribution or intermediary. It is the instrument through which merchandise or administrations are moved from the manufacturer or service provider to the client or purchaser.
- Promotion: promotion is a very important part of the marketing mix. Promotion refers to marketing communications. Promoting is comprised of the various elements like,
Advertising
Sales.
Promoting.
