4P's of Marketing Assignment Help
4P’s or 4P of marketing is also known as Marketing Mix which is a basic model in marketing. Marketing mix is defined as the tools which are used by any firm to attain the objectives and further goals or targets leading to the betterment of the company. Marketing mix includes four levels of marketing decision and these are: product, price, promotion, and place. And that is why it is also referred as 4P’s of Marketing. Marketing of any product plays an important role for its sale or purchase. Companies demand for new marketing strategies and hire persons for such purposes. Marketing and its variable strategies makes product of any company to gain identification and have an effective communication with the audiences and if planned accordingly, can also increase the demand of that product. Marketing is thus the philosophy or business philosophy that a company follows to reach its target or goal.
History of emergence of 4P’s of Marketing
Since historical times, many changes have been taking place in the market and the marketing strategies. Though some of the market strategies are fixed linked communicating with the audiences through different media channels and using technology to reach maximum number of customers; one’s own business strategies or marketing strategies or agendas may differ. There are different techniques and methods to reach maximum number of customers but when it is about effective marketing, it is only possible when the marketing strategies can also increase the demand of product.
In services marketing, there are occasionally 8P’s including the 4P’s plus process, people, physical evidence and performance. The framework of 4P’s was first published in 1960 and later in 1990 4C’s was introduced because most of the marketing strategies were customers driven. During that time, two different theories were purposed; one was known as Lauterborn's 4 Cs including consumer, cost, communication, convenience and the other one was known as Shimizu's 4 Cs which included commodity, cost, communication, and channel.
The origin of 4P’s took place in late 1940 when the first known mention of a mix attributed by Prof. James Culliton, professor of marketing at Harvard University. Culliton published an article in 1948 titled as The Management of Marketing Costs in which he described marketers as ‘mixers of ingredients’ and from there the term ‘mixer’ get popularized and later on many professor or researchers came forward with different ideas. One of those was Professor Neil Borden who was colleague of Culliton, published an article detailing the marketing mix and its early history and later he credited himself for the concept of marketing mix while claiming that he was inspired by Culliton ’ s idea of 'mixers'. After that came Borden who claimed that he was the one who coined the term ‘Marketing mix’ and was consistently using it from late 1940’s. The idea of marketing mix was purposed or even claimed by many but in actual marketers could reach to a decision that what elements should be involved in marketing mix until 1960.
Description of 4P’s of Marketing mix
The actual and original marketing mix was purposed by E. Jerome McCarthy (marketer and academic). He proposed the framework of marketing mix and the description of 4P’s which is now widely accepting in the marketing strategies and framework. These 4P’s are followed as:
- PRODUCT: Jerome McCarthy defined or gave outline of all the terms used in 4P’s. In this online of marketing mix, product is defined as the item which satisfies customer’s needs or wants which can be tangible or intangible. Tangible products are the actual goods or items while intangible products are the ideas, experiences, services or things that are felt and used to enhance the usefulness of products.
- PRICE: Price is the amount that the customer pays for the product, for the satisfaction of needs and demands that the customer has made with the purchase of the product. The strategies for marketing purposes under this includes price strategy, price tactics, discounts, mode of payments either by online mode, credit card payment or cash payment or cash on delivery I.e. preferences to the customer’s need should be there.
- PLACE : Place is the access point of products or the place is from where the customer can access for the products he or she wants to purchase within particular price to satisfy his or her needs. It can be a market place. The strategies for marketers include franchising, logistic, marketing coverage, warehousing, transportations etc. where the main focus is on the convenience of customer.
- PROMOTION: Promotion includes the marketing communication. Communication with the audiences through media channels is one of the examples included in promotion. It can be direct or indirect promotion, sales promotion, advertising, hiring media channels etc.
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