Explain Four 'P's of Marketing.

Four 'P's of Marketing: Marketing may be described as a human activity directed at satisfying wants and needs by exchange processes. A market is a group of existing and potential users or buyers of a service or product. A vital element in all marketing strategy is the marketing mix. Such concept was first propounded through Professor Neil Boden of Harvard University in the 1940s. The mix is described as the particular group of variables offered to the market at an exact point in time.  These variables are principally:-

* Product

* Price

* Promotion

* Physical Distribution

The given figure illustrates the market mix, sub divided further as:

The marketing mix is the central part of a marketing tactics of organisation. Once the market situation as customers, suppliers, middlemen and competitions have been known and evaluated and while the decision has been made to develop or penetrate a particular market, after that the role of marketing mix is crucial.

* Marketing Mix is a combination of competitive efforts exerted through a firm to accomplish some profit or sales goal.

* The firm generally has at its disposal some competitive elements that this can manipulate.

* The element of time is an essential factor in assessing the particular mix to be given to the market.

* Using the marketing mix as a tactical tool of marketing plans of organisation, it is possible to adapt speedily and profitably to modify in market environment.

* Therefore, the development of the mix to meet conditions at a particular point or period on time is fundamentally a contingency approach to marketing management.