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What are the Four P's of Marketing Why Marketing Managers must blend the Four P's - Essay Example

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The 4P’s of marketing stands for product, promotion, price and place. All these elements have a special significance in marketing as any business should have product or products which have demand in the market…
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What are the Four Ps of Marketing Why Marketing Managers must blend the Four Ps
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"What are the Four P's of Marketing Why Marketing Managers must blend the Four P's"

The 4P’s of marketing stands for product, promotion, price and place. All these elements have a special significance in marketing as any business should have product or products which have demand in the market. Promotion is needed for making the people aware of the products produced by the business concern. The price element is of special significant as it enables the concern to cover the different costs of the business house as well as attract the customers for purchase of the product. To perform the business or distribute the products a business concern must have a location it can afford. So, the place element also becomes a vital element in marketing. In marketing there exists two types of planning, namely strategic planning and tactical planning. Strategic planning is comprised of the STP i.e. Segmentation, Targeting and Positioning. On the other hand, the tactical planning consists of the 4P’s of marketing. The 4P’s of marketing is also defined as the marketing mix. The ultimate truth is there is no perfect blend of these 4 elements and it has to be changed according to the market position and the product life cycle. This blend of 4 elements is very important because it helps to formulate the strategic planning. The product element helps to decide which market segment to aim. The promotion helps to create mass awareness by electronic media, print media and word of mouth. (Clemente, 2002, pp.241-243) Different pricing strategies like penetration pricing, market skimming and cost plus pricing helps the concern to generate profits. Read More
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