What Do You Mean By 4 P’s Of Marketing?
There are various elements that constitute a marketing programme of an organization. Marketing mix is linked with the culmination of all these components or factors. The key elements, which come under marketing mix, are product, price, promotion and physical distribution. These elements are known as 4 P’s, and are utilized for integrating different marketing actions.
These all elements are interconnected, and their main objective is the satisfaction of the consumer. The business firm has complete control over these elements, which are made up of many sub-variables that are explained as follows:
Product: The product is the first and chief element in the marketing mix. It is the root of all marketing actions. The other marketing efforts will prove ineffective, if the policies pertaining to product intended for sale are not decided. The different product related processes consist of style, quality, name, features, brand, color, packaging, labeling, branding, size, services, warranty etc.
Price: The product’s price is a crucial component in the marketing mix. Price is the value of a product expressed in the terms of money. Prices or pricing decisions are of a great importance to the producer, seller as well as to the customer. The activities that comes under this element comprises customers, pricing strategy, social responsibility, pricing policies, credit terms, allowances etc.
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Submitted by admin on Sat, 2007-02-03 04:44.