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                                  4 P's of Marketing

                                  Jerome E. McCarthy

                                   
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                                  The 4 p's of marketing was originally elaborated by Jerome E. McCarthy in the late 1950s. Jerome E. McCarthy came up with the 4 p's of Marketing by condensing the elements in the Marketing Mix model elaborated by Neil H. Borden into for main categories.

                                  The four categories elaborated by Jerome E. McCarthy were labeled:

                                  1. Product
                                  2. Price
                                  3. Place
                                  4. Promotion

                                  Below, a short description of the 4 p's will be presented:

                                  Product
                                  In this category, marketers must contribute to product decisions by evaluating and developing different traits and functionalities of the physical product or service such as:

                                  Functionality
                                  Quality
                                  Styling
                                  Product name
                                  Warranty
                                  Packaging
                                  Service
                                  Disposal
                                  Etc.

                                  Marketers must therefore help to ensure that all traits of a given product or service fulfills the needs and wants of the customers, and that no elements within the product does not fully satisfy customer needs.

                                  Price
                                  In this category, marketers must set the price for a given product or service. The price chosen for a product or service could be affected by the following factors and considerations.

                                  Possible market penetration issues
                                  Competitive prices
                                  Price elasticity of the product - How much will price affect sales volumes?
                                  Buying power of customers
                                  Differences in buying power of different customer segments
                                  Regional buying power differences
                                  Etc.

                                  Therefore, marketers must pay close attention to the pricing of a product or service, so that the price will perfectly match the possibilities for profits and sales volumes.

                                  Place
                                  This category concerns how the company should distribute its offerings to the market, and how the company may satisfy its customer's needs and wants to the distribution and availability of products. When evaluating this category, marketers could look at the following factors and considerations related to maintaining effective and highly costumer friendly distribution channels.

                                  Importance of fast delivery
                                  Importance of reliable deliveries
                                  Importance of constant availability
                                  Importance of flexible deliveries
                                  Etc.

                                  Marketers must therefore also ensure that customers get their distribution needs satisfied, and that the company distributes its products in a way that is satisfactory to the customers.

                                  Promotion
                                  Finally, marketers must pay close attention to how the company may best promote its products or services. Marketers have many ways of communicating with potential and current customers, and the company may use several different means of promotion.

                                  Advertising
                                  Campaigning
                                  Sales promotion
                                  Personal Selling
                                  Direct marketing
                                  Relationship marketing
                                  Etc.

                                  Every company must therefore find out for themselves which blend of promotion activities is most effective, and carefully evaluate which means of promotional communication will generate the highest sales volumes and profits.

                                  When having chosen the make-up of all four categories, the four elements will constitute the marketing mix of the company, which in its totality should provide the company with a fruitful and holistically efficient relationship with customers.

                                   
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                                  Date Created: 2011-01-15
                                  Posted by: Admin
                                   
                                   
                                  4 P's of Marketing
                                   

                                  Related resources:

                                  Marketing Mix
                                  Reference(s)
                                   
                                  Basic Marketing: A Managerial Approach
                                  Jerome E. McCarthy; (1960); McGraw Hill
                                  Keywords:

                                  Online MBA, Online MBA Courses, Jerome E. McCarthy, the 4's, product, price, place, promotion, marketing mix, successful marketing

                                   






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