The 4 P’s of Marketing
All marketing decisions ultimately reflect analysis regarding the four P’s of marketing, which are otherwise known as the marketing mix. The four P’s of marketing are product, price, place, and promotion. These factors are widely used by marketing managers to implement marketing decisions. Many in the field of business have questioned whether the four P’s have outlived their use and there is now need for an alternative. It has become clear that the marketing mix has become obsolete, so why do businesses continue to use it? The marketing mix, as stated before, are product, price, place, and promotion. The Net MBA Business knowledge center states that: “the four P’s are the parameters that the marketing manager can control, subject to the internal and external constraints of the marketing environment (Net MBA).” Examples of product decisions involve brand names and quality issues. Some pricing decisions include determining the appropriate pricing strategy and bundling items together to protect inventory waster. Examples of place, which is also known as distribution, involve marketing coverage and order processing. Some examples of promotion include advertising and decisions involving personal selling. Since the marketing mix is simple in its construction, it remains the most common template for marketing decision making. The idea for the term marketing mix precedes the development of the four P’s by nearly ten years. According to the Wikipedia description of marketing mix, “The term ‘marketing mix’ was coined in 1953 by Neil Borden in his American Marketing Association presidential address. However, this was actually the reformation of an earlier idea by his associate, James Culliton, who in 1948 described the role of the marketing manager as a ‘mixer of ingredients… (Wikipedia, Marketing Mix).” The concept of the four P’s became associated with the marketing mix in 1960 when “a prominent marketer, E. Jerome McCarthy, proposed a Four P...
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