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Four p’s of marketing.ppt


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Four p’s of marketing.ppt

  1. 1. FOUR P’S OF MARKETING P R O D U C T | P L A C E | P R O M OT I O N S | P R I C E
  2. 2. MADE BY - Jaimin Brahmbhatt
  3. 3. WHAT IS MARKETING? • Marketing is a total system of interacting business activities designed to plan, price, promote and distribute want-satisfying products and services to present and potential customers. • It is process that seeks to influence voluntary exchange transactions between a customer and a marketer. • It is deciding how to offer something specific customers crave and then engaging customers and other stakeholders to create preference and delighting a consumer, customer and/or user to achieve a profit or other pre-established goal. • Summarizing “Marketing is the process for engaging a target market of consumers or other users to ultimately sell a product profitably which are unfulfilled needs and
  4. 4. TERM : 4 P’S OF MARKETING • The 4 p’s of Marketing The term "marketing mix" became popularized after Neil H Borden published his 1964 article, • The Concept of the Marketing Mix. Borden began using the term in his teaching in the late 1940s after James Culliton had described the marketing manager as a "mixer of ingredients". The ingredients in Bordens marketing mix included product planning, pricing, branding, distribution channels, personal selling, advertising, promotions, packaging, display, servicing, physical handling, and fact finding and analysis. • E. Jerome McCarthy later grouped these ingredients into the four categories that today are known as the 4 Ps of marketing
  5. 5. WHAT IS THE 4 P’S OF MARKETING? • These are the four elements with which the marketer accomplishes his value delivering task. • These elements are termed as 4 p’s of marketing i.e. ( Product, Place, Promotion and Price). • All four P’s work together to achieve customer satisfaction as well to meet the goal of organization. • As shown in diagram, there are many sub factors which are governing 4 P’s, which can be explained as below :
  6. 6. PRODUCT The term "product" refers to tangible, physical products as well as services. Here are some examples of the product decisions to be made : • Brand name • Functionality • Styling • Quality • Safety • Packaging • Repairs and Support • Warranty • Accessories and services
  7. 7. PRICE Some examples of pricing decisions to be made include: • Pricing strategy (skim, penetration, etc.) • Suggested retail price • Volume discounts and wholesale pricing • Cash and early payment discounts • Seasonal pricing • Bundling • Price flexibility • Price discrimination
  8. 8. PLACE (Place) Decisions Distribution is about getting the products to the customer. Some examples of distribution decisions include: • Distribution channels • Market coverage(inclusive, selective, or exclusive distribution) • Specific channel members • Inventory management • Warehousing • Distribution centers • Order processing • Transportation • Reverse logistics
  9. 9. PROMOTION In the context of the marketing mix, promotion represents the various aspects of marketing communication, that is, the communication of information about the product with the goal of generating a positive customer response. Marketing communication decisions include: • Promotional strategy (push, pull, etc.) • Advertising • Personal selling & sales force • Sales promotions • Public relations & publicity • Marketing communications budget
  10. 10. LIMITATIONS OF THE MARKETING MIX FRAMEWORK • The marketing mix framework was particularly useful in the early days of the marketing concept when physical products represented a larger portion of the economy. • Today, with marketing more integrated into organizations and with a wider variety of products and markets, some authors have attempted to extend its usefulness by proposing a fifth P, such as packaging, people, process, etc. • Today however, the marketing mix most commonly remains based on the 4 Ps. • Despite its limitations and perhaps because of its simplicity, the use of this framework remains strong and many marketing textbooks have been organized around it.
  11. 11. THANK YOU