Explain The 4 P's Of Marketing

Marketing is the action or business of promoting and selling products or services, including market research and advertising. It includes the coordination of the four (4) key decisions that must be taken in the effective marketing of a product (marketing mix) also known as the 4P’s.

These 4P’s include Product (consumer and industrial goods and services. It’s the end result of the production process sold on the market to satisfy a customer need), Price (amount paid by customers for a product or service. It’s the most important “P” in the marketing mix as it is the only element that provides revenue), Promotion (the use of advertising, sales promotion, personal selling, direct mail, trade fairs, sponsorship and public relations to inform consumers and persuade them to buy), Place (decisions that are concerned with how products should pass

A new marketing objective will always require the planning and preparation of sufficient resources therefore the planning needed to put these objectives into effect is an important factor. Once set the objectives the second responsibility of a marketing manger is to now organize resources to meet these objectives, this is not just about giving instructions but also ensuring that every department in the marketing sector has clear division of tasks and allows them to work towards the common objectives. Thirdly a marketing managers need to direct and motivate all those below him, this means guiding leading and overseeing of employees to ensure that the marketing department’s goals are being met. Fourth responsibility is to coordinate all activities within the marketing department such as coordinating marketing campaigns with sales activities. It is management’s responsibility to improve performance against targets and to take action if under-performance occurs. The last but most important and the topic that we will be focusing on is the societal responsibility of a marketing