Successes of Major corporations
BUSA 300 – Principles of Marketing
University of Hawaii-West Oahu
This paper describes the importance of the 4 Ps (product, price, promotion, place) in marketing and how they are each used in a large corporation perspective. This paper offers insight into what tactics are utilized to generate revenue and obtain a loyal consumer base.
The Importance of the 4 Ps in Marketing and the Successes of Major corporations
When someone thinks about marketing, the first thing that might come to mind is television ads, billboards, and radio ads. When you consider all the aspects that come into play to produce these ads, it is clear that marketing is more that just a simple billboard. To understand how marketing works and what is involved in developing ads, you have to go back to basics and break it down step by step. Marketing concepts may be evolving as new technologies emerge, but the same four basic considerations of product, price, promotion, and place will always be found.
What is marketing? Marketing is the process by which the management of a company identifies, anticipates and satisfies the wants of a customer. This process requires that companies develop a product or service that they think customers in their chosen demographic will want to purchase at a price that they can afford.
The term marketing mix, which consists of the 4 Ps: product, price, promotion, and place was coined by Neil Borden in 1953, building on James Culliton’s (1948) idea that for a successful marketing decision, a type of marketing recipe has to be employed. (Marketing mix, 2012)
Product is the first component of the marketing mix. The product is the article that a manufacturer desires to sell in the open market. "It is a tangible good or an intangible service. Intangible products are service based like the tourism industry, the hotel industry and the financial industry. Tangible products are