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,

© Copyright. UpGrad Education Pvt. Ltd. All rights reserved

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:

© Copyright. UpGrad Education Pvt. Ltd. All rights reserved

Disclaimer: All content and material on the UpGrad website is copyrighted material, either
belonging to UpGrad or its bonafide contributors and is purely for the dissemination of education.
You are permitted to access print and download extracts from this site purely for your own
education only and on the following basis:

1. You can download this document from the website for self-use only.
2. Any copies of this document, in part or full, saved to disc or to any other storage medium may
only be used for subsequent, self-viewing purposes or to print an individual extract or copy for non-
commercial personal use only.
3. Any further dissemination, distribution, reproduction, copying of the content of the document
herein or the uploading thereof on other websites or use of content for any other
commercial/unauthorized purposes in any way which could infringe the intellectual property rights
of UpGrad or its contributors, is strictly prohibited.
4. No graphics, images or photographs from any accompanying text in this document will be used
separately for unauthorised purposes.
5. No material in this document will be modified, adapted or altered in any way.
6. No part of this document or UpGrad content may be reproduced or stored in any other web
site or included
in any public or private electronic retrieval system or service without UpGrad’s prior written
permission.
7. Any rights not expressly granted in these terms are reserved.

© Copyright. UpGrad Education Pvt. Ltd. All rights reserved