Define the four P's of marketing in detail. What primary forces are influencing the new economy? What are the links between these forces?

Elsa Cross
Elsa Cross
March 3, 2013

Promotion, Price, Place and Product are the four 4's of marketing. Since McCarthy introduced the four P's in the 1960's, further P's have been introduced, though the orginal ones are the essential ones, being the most influential, and the ones which marketers consider the most when trying to conduct profitable business.

Kotler (1984) defines a product as something that is offered in a market, which can be used for acquisition, attention or consumption. This includes physical objects, places, things to do, personalities and ideas. The product or service can be physical, or "non-physical", i.e. it can be something material that can be touched, such as a car, phone or grocery, or it can be something like car washing, a digital product or service, a repair service, or a travel service.

Place is a definition that means the marketed products accessibility. The idea of place has come a long way, developed by using geographic analysis of selling and buying of services or products, into the virtual market place globally. This constant evolution has given the chance for new and original marketing techniques to emerge, which have no restrictions. Product placement is a marketing strategy which needs money and will involve a certain level of risk.

Promotion is what increases the sales of a product or service. Through the vast number of possible promotion methods, possible consumers or clients are made aware of the product or service in question, and promotion does not only make aware, but can be used to compare against similar competing products or services, with reasoning as to why the product or service in question should be chosen over others. The major concern of promotion is to make the public aware.

The next P is price, and this is an element which needs plenty of attention because it can lead to the success or failure of a product or service, and even that of an entire business. Pricing contains the consideration of many financial elements, such as profit margins, the cost of production, risks, trends, competition, and many other things which affect a business, from the grand scheme of things right down to the minor details.

The new age is bringing many new things that need to be considered. Besides such things as the behavior of customers and businesses meeting the demands of consumers, the digital age is making for many new avenues of advertising, and the delivering of products and services, in new and ever diversifying markets that have never existed before.

All of these forces are important, and they are all evolving as quickly as the modern world, with markets that are fast paced and rapidly diversifying. For success to be insured, a company needs to consider the new markets opening up today, and adapt their strategies to meet consumer demand, and to capitalize on new money making possibilities.

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