4Ps Of Marketing And Their Significance | MITSDE

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4Ps of Marketing and their significanceMITSDE

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About Marketing

• Product Concept
• The product concept is a combination of
  planning, producing and developing the product or
  service to satisfy the ultimate need or want of
  the customer.
• Product range
• Warranty against defects
• Size and design of the product
• Branding
• Quality
• Packaging and Labeling
• After sale services
•  

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• Price Concept
• Price concept is a very important element of
  the marketing mix as it relates to the policy,
  price and strategies associated with the product.
  It is dependent on the standard of living and the
  power of purchasing of the customer. The price of
  the product is determined by
• Firms Objective
• Cost of Production
• The demand of the customer
• Competition

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• Place Concept
• It is common for the product to be
  transported from the producer to the customer.
  Therefore, place concept contains two things-
  physical distribution and the channel of
  distribution.
• Physical distribution is associated with
  interrelated activities like storage, control and
  movement of unfinished or finished goods for
  their timely availability at the required place.
• Channel of Distribution is the path through
  which the goods will be transferred from the
  place of production to its consumption.

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• Promotion Concept
• For the most effective promotion of
  products, one must keep in mind that a number of
  promotional activities must be used
  simultaneously so that if one is ineffective, the
  other can take its place. As the business
  environment is dynamic, so should be the
  techniques. Therefore, you need to choose them
  wisely.
• The major elements of promotion are
• Advertising
• Publicity
• Sales Promotion
• Personal Selling

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Significance of 4Ps of Marketing

• Once the needs and desires of the customer are
  verified, the 4Ps together helps the firm in
  shooting up its revenues.
• As the business environment changes, so do the
  needs of the customer. The 4Ps forms a balance
  between the firm and the market.
• Since the 4Ps are interrelated to one another,
  an integrated approach towards marketing is
  formed.
• 4Ps together lead to customer-oriented marketing
  as a link is formed between the firm and customer.

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Conclusion

• Since a marketing strategy is incomplete
  without an even mix of 4Ps, we emphasize on these
  concepts. The candidates who pursue PGDM or PGDBA
  in Marketing Management from MIT School Of
  Distance Education are accustomed to these
  concepts so that they turn out to be proficient
  marketing managers.

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