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4p's Model Of Marketing Mix

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The most important and popular concepts of Marketing is Marketing Mix which is also called as 4P’s of marketing which was introduced in 1960’s which is the basic foundation of marketing.
4P’s model has been criticized for number of reasons one of the reason being that it focuses more on selling organizations rather than customer but this does not mean that this model is wrong. It was never made to explain the requirement to be successful from customer’s outlook.
To fulfil the needs of both customer as well as marketer other tool which can complement 4P’s model was needed. One of the model which is interrelated to 4P’s model is 4A’s model of marketing.
Traditional marketing strategy was based on the 4P’s i.e.
• Product
• Place
• Price
• Promotion …show more content…

The way the product is going to be priced is directly proportional to how it is going to sell in the market. If a product is priced higher or lower that its realized value, the product is not going to sell. Price is also affected by the distribution plan, markups and how are the competitors are going to price the rival product.
Promotion: It includes sales promotion, advertising, special offers like coupons, discounts etc. Whatever the ways are used for promotion it is essential it should be suitable and valuable for the price, the product and the consumer who is going to buy the product and for whom it is being marketed. Communication aspect of the entire marketing function is thus Promotion.
Place: Distribution plays a vital role in placing the product. This strategy helps in assessing the channel which is suitable for the product. Also, how the product is assessed by the end user need to be looked upon for the product strategy.

The modern marketing strategy still based on the 4P’s as a base but is replaced by the 4A’s looking at the customer as well as the marketer’s need. 4A’s model include:
• Acceptability
• Affordability
• …show more content…

Acceptability. The product or the service offered must complete the need and expectations of the end consumer in the given market which is targeted. It has two dimensions one is functional acceptability and the second is Psychological acceptability. The first one i.e. Functional Acceptability allude to the objective performance of the product and services offered. The features that the customer is looking or expecting is present or not? Is the product performing as per the expectations? Is the product reliable? Whereas, the second one i.e. Psychological acceptability allude more to subjective attributes of the product and services offered. Example: Mid-priced phones may be as objectively functional as the mobile phones of comparable features made by Apple. However, these brands are psychologically more acceptable to some

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