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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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