MANAGEMENT

Detailed explanation-1: -The marketing mix, also known as the four P’s of marketing, refers to the four key elements of a marketing strategy: product, price, place and promotion.

Detailed explanation-2: -The four Ps are product, price, place, and promotion. They are an example of a “marketing mix, ” or the combined tools and methodologies used by marketers to achieve their marketing objectives. The 4 Ps were first formally conceptualized in 1960 by E.

Detailed explanation-3: -The 4Ps of marketing is a model for enhancing the components of your “marketing mix” – the way in which you take a new product or service to market. It helps you to define your marketing options in terms of price, product, promotion, and place so that your offering meets a specific customer need or demand.

Detailed explanation-4: -The 4P’s make up the typical marketing mix and it includes Product, Place, Price and Promotion.

Detailed explanation-5: -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.