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Marketing mix - 4p's of Marketing

 

             Marketing mix

Marketing mix, Element of marketing mix, marketing mix definition,, E. Jerome McCarthy, 4 p's of marketing mix


The Marketing Mix it's also known to be 4 p's of marketing. It's an important part of marketing and every business use a marketing mix before launching new products or services and also for the existent product.  Philips Kotler defines in his book marketing management "Marketing Mix is the set of marketing tools that the firm uses to pursue its marketing purpose in the target market"

 

The marketing mix was introduced by E. Jerome McCarthy in the year 1960 who was a marketing professor and author. McCarthy explains 4 elements of Marketing Mix also known as 4 p's of Marketing

Marketing mix, Element of marketing mix, marketing mix definition,, E. Jerome McCarthy, 4 p's of marketing mix


 

Product :

Product means goods or services that the company offers to fulfill customer's needs. The marketer should know about his product and bring an update on it from time to time. The firm should always try to solve the problem of people and create a problem-solving product.


Price : 

After selecting the product next is the price. The amount you are going to charge for your product. At selecting price firm should know about their profit and how much customers willing to pay for the product. The firm should also be aware of competitor prices and give a discount on the product for marketing.

 

Place : 

The place where you are going to sell your product. There place such as a shop, markets, malls, home to home selling, and in today world internet is the place to sell a product. place of selling change according to the product.

 

Promotion:

Promotion is the final element of 4 p's of marketing. Promotion is done on the base of the first 3 p's. According to the product, price, and target market way of promotion is selected. Promotion is done with the help of branding, advertising, P.R, social media, etc.

With the help of this 4p's of marketing firm can achieve their Business objective.


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