The 4 P s Of Marketing Concept - 1158 Words

The 4 P’s of marketing concept has a long and distinguished lineage and is widely acknowledged as the cornerstone of the discipline. Its development is credited to a prolific marketer, E. Jerome McCarthy who proposed the 4P classification in the late 50’s (Schultz, 2001, p.7). Associated with price, product, promotion, and place, this business tool has served as a mantra for marketing managers and those in the marketing field to identify and provide consumer needs (p.7). Researchers established that the model offers a method of managing the functional activities of an organization: the product development, distribution through the channels, the price and margins and the promotional or communication flow (p.7). Establishing the product is†¦show more content†¦Researchers asserts that Marketers should consider how to position the product, how to exploit the brand, how to exploit the company s resources and how to configure the product mix so that each product complements the other. The marketer can consider product development strategies like Apple. For example, the iPad is a good example of a product; it is a tablet device with several features. It has a touch screen that meets with the consumer’s requirements today, it is very thin, has the ability to access the internet, music, videos, photos and it complements other product in its family such as the iPhone or the Mac. The place is where the product or service is located, or distributed to the customer. The location of a product can vary depending on its market but it must have a specific location where it is accessible to consumers. This may include a physical location, the internet, or mobile. The place specifies the access to the right distribution channels; it could be done through face- to -face service or online submission. A good example for place would be were iPads are sold; For example, iPads are sold in several retail stores such as Best Buy, Walmart, Target and even internet corporations like Ebay.com and Amazon.com. However, place is also concerned with where the product is manufactured and delivered, and sold (distribution, manufacturing, delivery, retail locations, logistics, virtual media, etc.) Pricing is the actual fee intended to charge for