Four Ps Ã¯Â¿Â½ PAGE Ã¯Â¿Â½5Ã¯Â¿Â½
Marketing Mix Paper
Luz D. Guardado
September 5, 2007
The four Ps describes the strategic position of a product in the marketplace generally known as the marketing mix. According to Wikipedia the free encyclopedia, (2007) a version of the origins of "marketing mix starts in 1948 when Culliton said that a marketing decision should be a result of something similar to a recipe. The continuation of the version was in 1953 when Neil Borden, took the recipe idea one step further and coined the term 'Marketing-Mix'. E. Jerome McCarthy in 1960 proposed a four-P classification which was popularized."
What could be important about the four Ps, and what do they have to do with the Marketing Mix? Marketing Mix is a set of policies for the four Ps that is developed to meet the needs of any company or firm's target market.
The marketing mix should be reasoned, and internally steady. It often takes experimenting and solid market research to creating a successful marketing mix that will raise desired profits. The four Ps are; Product, Place, Price and Promotion.
Product - an object or service that is produced or manufactured.
Place - represent the location where a product can be purchased.
Price - is the amount that a customer would pay for a product.
Promotion - is the communication that marketers use in the marketplace (i.e. Advertising, public relations, word of mouth and point of sale).
The four Ps are the variable that marketing managers can control in order to best satisfy customers in the target market (QuickMBA, 1987).
The Hudson River GroupÃÂ® states that "Business performance in any industry is impacted continually by a confluence of marketing and marketplace activities. The ability to delineate the individual impact of these...