4Ps Of Marketing And Their Significance | MITSDE

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Information about 4Ps Of Marketing And Their Significance | MITSDE
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Published on September 20, 2018

Author: mitsdeonline

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4Ps of Marketing and their significance MITSDE: 4Ps of Marketing and their significance MITSDE https:// www.mitsde.com 1 https://www.mitsde.com 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   2 About Marketing https :// www.mitsde.com Slide 3: 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: Firm’s Objective Cost of Production The demand of the customer Competition 3 https://www.mitsde.com Slide 4: 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. 4 https://www.mitsde.com Slide 5: 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 5 https://www.mitsde.com Slide 6: 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. 6 https://www.mitsde.com Significance of 4Ps of Marketing Slide 7: 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. 7 Conclusion https://www.mitsde.com Slide 8: 8 THANK YOU !! Website : https://www.mitsde.com Toll-Free No.: 9112- 207 - 207 https://www.mitsde.com

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