4Ps Marketing Theory

I think most of us have heard of 4P marketing theory which includes product,price,place,promotion.4P theory is originall from USA in the 1960s.In 1953,Neil Borden created Marketing mix in USA marketing institute,which means marketing demand would be influenced by Marketing variables and Marketing elements.In order to find out the marketing reaction,Enterprise should combinate with these elements to satisfy with the marketing demand and obtain the biggest benefit.There are actually many elements in Marketing combination,McGarthy classify these elements into 4 in his Basic Marketing in 1960:Product,Price,Place,Promotion,that is 4Ps.

* Product - A tangible object or an intangible service that is mass produced or manufactured on a large scale with a specific volume of units. Intangible products are service based like the tourism industry & the hotel industry or codes-based products like cellphone load and credits. Typical examples of a mass produced tangible object are the motor car and the disposable razor. A less obvious but ubiquitous mass produced service is a computer operating system. Packaging also needs to be taken into consideration.

* Price – The price is the amount a customer pays for the product. It is determined by a number of factors including market share, competition, material costs, product identity and the customer’s perceived value of the product. The business may increase or decrease the price of product if other stores have the same product.

* Place – Place represents the location where a product can be purchased. It is often referred to as the distribution channel. It can include any physical store as well as virtual stores on the Internet.

* Promotion -represents all of the communications that a marketer may use in the marketplace. Promotion has four distinct elements: advertising, public relations, word of mouth and point of sale. A certain amount of crossover occurs when promotion uses the four principal elements together, which is common in film promotion. Advertising covers any communication that is paid for, from cinema commercials, radio and Internet adverts through print media and billboards. Public relations are where the communication is not directly paid for and includes press releases, sponsorship deals, exhibitions, conferences, seminars or trade fairs and events. Word of mouth is any apparently informal communication about the product by ordinary individuals, satisfied customers or people specifically engaged to create word of mouth momentum. Sales staff often plays an important role in word of mouth and Public Relations (see Product above).

The significance of 4Ps marketing theory

The turns up of 4Ps made a firm basic theory architecture of management marketing.The theory think there are two elements to influence enterprise marketing compaign:

1.Something could not be controlled by enterprise such as Social/demographic,Technological,Economic,Environmental/Natural,Political,Legal,Ethical,Geographical Factor and so on.These also call Uncontrollable factors and the exteral environment the enterprises have to face with.

2.Another could be controlled such as product,price,Distribution,Promotion and so on which is called Enterprise controllable factors.Marketing activities, in essence, an internal controllable factors used to adapt to the external environment, process, or by product, price, distribution, promotion planning and implementation of external uncontrollable factors make a positive dynamic of the response, which led to trading of individuals and organizations to achieve and meet the goal, with Kotler’s words, “If the company produce the right product, set the appropriate price, the use of appropriate distribution channels and supported by an adequate promotion, so the company will be successful “(Kotler, 2001). Therefore, the core of the marketing campaign is to develop and implement effective marketing mix.

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# Textbook Binding: 517 pages
# Publisher: eTQM College Publishing House; 1st edition (January 1, 2003)
# Language: English
# ISBN-10: 0954587928
# ISBN-13: 978-0954587925
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