MANAGEMENT

Detailed explanation-1: -The four Ps are a “marketing mix” comprised of four key elements-product, price, place, and promotion-used when marketing a product or service.

Detailed explanation-2: -The four Ps of marketing is a marketing concept that summarizes the four key factors of any marketing strategy. The four Ps are: product, price, place, and promotion.

Detailed explanation-3: -The 4 Ps, in its modern form, was first proposed in 1960 by E. Jerome McCarthy; who presented them within a managerial approach that covered analysis, consumer behavior, market research, market segmentation, and planning. Phillip Kotler, popularised this approach and helped spread the 4 Ps model.

Detailed explanation-4: -The 4 C’s of Marketing are Customer, Cost, Convenience, and Communication. These 4 C’s determine whether a company is likely to succeed or fail in the long run.

Detailed explanation-5: -As mentioned above, the 4Ps include Place, Price, Product and Promotion. The 7Ps model, on the other hand, is a combination of the 4Ps with 3 additional segments, which refer to People, Process and Physical evidence.