The Elements of Marketing Mix: 4P’s vs 4C’s Model
Philip Kotler is considered the father of modern marketing. He defines marketing as ‘a social and managerial process whereby individuals and groups obtain what they need and want through creating and exchanging products and value with others’. According to the UK’s Chartered Institute of Marketing, ‘Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably’. Hence in short, marketing is all about identifying and meeting human and social needs profitably.
Marketing mix is one of the most significant and fundamental development in the area of marketing. The term ‘Marketing Mix’ was developed by Neil Borden who first started using the phrase in 1949. The marketing mix (commonly referred to as the 4 Ps) is a foundation model for businesses. It includes everything the company can do to influence the demand for its product. It can be defined as “a set of marketing actions, tactics, or tools that a company uses to promote or advertize its brand or product in the target market”.
4 P’s Model (Product Marketing Mix): Marketing mix is an important tool for creating and maintaining a value-added offer for consumers. The marketing mix refers to four broad levels of marketing decision, commonly referred to as elements of marketing mix, namely: product, price, place, and promotion. The 4Ps model was created by E. Jerome McCarthy and first published in 1960 in his book ‘Basic Marketing: A Managerial Approach’. This traditional model of marketing mix is more suitable for product marketing:
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Marketing Mix: 4 P’s Model vs 4 C’s Model
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