Marketing Mix - 4Ps of Marketing Mix

Essay by AKay724College, UndergraduateA, May 2007

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Marketing mix can be describes as "the use and specification of the 4 Ps describing the strategic position of a product in the marketplace… A prominent person to take centre stage was E. Jerome McCarthy in 1960; he proposed a four-P classification which was popularized. (" The marketing mix approach to marketing is a model of creating and implementing market strategies. The marketing mix stresses the mixing of different factors in a way that both organizational and consumer or target markets objectives are attained. The 4 Ps of marketing are Product, Place, Promotion and Price. Each plays a key factor in the overall successful marketing of a product or service.

Product"Although this typically refers to a physical product, it has been expanded to include services offered by a service organization. The specification of the product is one of the variables that a marketer has at his/her control. For example, the product can include certain colors (or not), certain scents (or not), certain features (or not).

Lastly, in the broadest sense when a consumer purchases a product it also includes the post-sales relationship with the company. The post-sales relationship can include customer service and any warranty." The product or service is an important part of the whole marketing process, after all, something that is completely useless to anyone is usually unsuccessful regardless of how great the place, promotion or price is. Sometimes companies don't come out with all new products; they just try to tailor current products to better suit people. Convenience is one of the major factors in coming up with a better version of a current product.

Price"The price is the amount paid for a product. In some cases, especially in business-to-business marketing this can also include the total cost of ownership (TCO). Total cost of ownership may include...