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  • Module 1: Fundamentals of Marketing Session 3: Marketing Management Through The 4Ps

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    Ruchi Joshi
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    This document summarizes a marketing management session on the 4Ps of marketing. It introduces the 4Ps as the core elements of a marketing mix: product, price, place, and promotion. It describes how the right product must be offered at the right price through the right distribution channels and promoted effectively. The 4Ps framework is then extended to the 7Ps with the addition of people, process, and physical evidence.

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    This document summarizes a marketing management session on the 4Ps of marketing. It introduces the 4Ps as the core elements of a marketing mix: product, price, place, and promotion. It describes how the right product must be offered at the right price through the right distribution channels and promoted effectively. The 4Ps framework is then extended to the 7Ps with the addition of people, process, and physical evidence.

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    11 views2 pages

    Module 1: Fundamentals of Marketing Session 3: Marketing Management Through The 4Ps

    Uploaded by

    Ruchi Joshi
    This document summarizes a marketing management session on the 4Ps of marketing. It introduces the 4Ps as the core elements of a marketing mix: product, price, place, and promotion. It describes how the right product must be offered at the right price through the right distribution channels and promoted effectively. The 4Ps framework is then extended to the 7Ps with the addition of people, process, and physical evidence.

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    © All Rights Reserved
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    Summary

    Module 1: Fundamentals of Marketing


    Session 3: Marketing Management through the 4Ps

    It is important to have a well-tailored process in place for any business to succeed. Also you now know
    what takes you to Starbucks when you think of going out for coffee. It is the ambience more than the
    coffee.

    4Ps of Marketing Mix


    This session taught the four variables of marketing mix also called the 4Ps of marketing. These
    elements are:

    Interdependence of the 4Psrrrrrrrrrr

    It is about putting the right product or a combination thereof in the right place, at the right time, and at
    the right price. One must have the right type of product in the market. When considering the price of
    the product one should consider different pricing mechanisms and identify the right strategy – be it
    value based, cost plus or other. Finally, one must discover the most efficient positioning and
    distribution channels in the market. Promotion is a very important component of marketing as it can
    boost brand recognition and sales. As the saying goes “Seeing is believing”, you must promote your
    product well so that it is there in the mind of the target customers. It can be done through advertising,
    TV commercials,
    newspaper, social media, personal selling etc. it’s like you see an ad or the celebrity and you remember
    the product.

    Extension of 4Ps to 7Ps

    The 4Ps have seen an evolution with times and have been developed into the concept of 7Ps that
    comprise the marketing mix strategy for any product. These extensions are:
    • People – Starbucks spends a lot of time in training its staff because that is how they present their
    brand values to the customers
    • Process – Starbucks pays a lot of attention to the buying process. This constant process
    optimization is an integral part of the Starbucks marketing mix and has helped them build a
    dominant position in the minds of consumers.
    • Physical Evidence – In a Starbucks outlet, the cozy chairs, sofas, tables, book shelves, a bright
    showcase of alluring pastries, menus with tempting pictures etc. makes Starbucks ‘a place to be’.

    You should be able to:

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