4 M's of Marketing

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Marketing Management
MKTG – 508-010
Spring 2010
Dr. Walter Kendall

Submitted by
Shagun Nagpal
On
Mar 27th 2010

Tarleton State University

Abstract
Marketing is a combination of activity and set of institutions that create, communicate deliver and exchange services that have values to society including customers and clients. (AMA, 2007) Marketing emerged as a technical field of study in early 19th century but it came into existence all over when Neil Borden uses the term marketing mix for the first time in 1953. According to Neil Borden marketing is all about the 4P’s (product, place, price, promotion) and we have to take care only of these 4P’s to become a marketing guru but after reading almost 5 books on marketing I can say that including these 4P’s some other areas are also very important to deal in this corporate world. I have named them as four directions of marketing or 4 M’s of marketing. In this assimilation paper I m going to discuss these 4M’s in detail that why they are important and how I came to this decision. (Stanley C., Kathleen M., 2005) Introduction

As we all know that market is a flexible thing that changes almost everyday and to deals with these changes we have different concepts of marketing such as 4P’s but these concepts were made in 19th century to deals with the problems at that time. These concepts may or may not be acceptable today in 21st century where customer is said to be a king of the market. This new concept of 4M’s of marketing deals with all new ideas and strategies needed to attract and retain customers. These marketing directions are a set of 4 most powerful marketing tools that can be used to direct the marketing objectives in the target market (Sehew D. C., Hiam W. A., 1998)

4 M’s of Marketing As I have discussed these 4M’s are also called as marketing directions. It includes Making good relations (relationship marketing), Marketing plan, Making new strategies, and Market behavior (buyers buying behavior) (Schewe, D. C., & Hiam, A., 1998), The Marketing Directions 4M’s Making good relation

Marketing plan
Marketing direction
Market Behavior

Making new stratagies

If we look at any particular organization the purpose of these 4M’s of marketing is to administer the edge of the organization with its customer environment. These marketing directions are all based on the fact that customer is king and provide information about all needs and wants of customers. It basically deals with the different alternatives available to satisfy the needs of customers. Understanding the customers that what motivates him/her to buy any particular product and then making strategies by using one’s personal creativity to buy him/her that particular product is the core of these 4M’s.( Schewe, D. C., & Hiam, A., (1998),

Making Good Relations
This is one of the most important marketing tools to enhance new customer and retain old customers according to this first ‘M’ of marketing direction the best way to enhance the sale of any particular product is to make good relationship with your customer by providing after sale services and making them feel like home after purchasing your product. This is also known as relationship marketing. This relationship marketing was introduced by berry in 1983. According to the Regis McKenna in the book marketing guru it is more important to retain old customers instead of making new customers because a marketer always has to find a new technique to capture customers who are already loyal to some other product (McKenna R., 1991). For example if you have heard about ‘AMWAY GLOBAL’ that sells their daily use product like toothpaste, shampoo, face wash etc through internet but after selling their product they give some after sale services like if you don’t like their product you can return the used product in 6 months...
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