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  • Posted By: kongmannie
  • Date Posted: 08/11/2011
  • Category: Business
  • Words: 597
  • Pages: 3
  • Views: 1038
  • Rank: 114

4Ps Of Marketing

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4Ps Of Marketing

The term “marketing mix” became popular after Neil H. Borden published his 1964 article, “The Concept of the Marketing Mix“.

Marketing mix refers to the four critical P’s of marketing, understanding of which helps the firm to market their products and services in an effective way. For building an effective marketing mix it is important that efficient customer research is undertaken.

The four P’s of marketing are discussed below.

1. Product:

“Product” refers to the goods and services that firms offer to their customers. Firms must place sufficient importance to the product/service as well as the other aspects associated with the product that attract customer attention. Some elements of product/service that require attention for a successful business are: quality, features, options, services, warranties, brand name, safety, packaging, repairs and Support. The product should be designed keeping the customer needs and requirements in mind.

2. Price:

“Price” refers to the cost of a particular product or service. Price plays an important role in customer’s buying decision. Therefore careful attention should be paid while determining the price of a particular product/service. If the price is too high customers would opt for a product which has the similar features but is priced relatively lower than the one offered by a particular firm. However, incase the price determined by a firm is lowest among the competitors; customers might consider it as a signal of low quality. Therefore, firms must price the product in a way which reflects the appropriate position of the product in the market. This P of the marketing mix is highly important for the success of the business as it is the one that determines the revenues generated. Price must cover the costs incurred and contribute to the firm’s image by communicating the perceived value.

3. Place:

“Place” refers to ...


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