James Manktelow identified the “4Ps” of marketing when it came to the topic of the marketing mix. First, before getting into Manktelow’s 4Ps, there needs to be an understanding of what the word “marketing” means. Most people starting out in an industry know marketing as “putting the right product in the right place, at the right price, at the right time” (Manktelow, n.d.). This is what identifies the 4 “P”’s of marketing, within this definition: product (or service), place, price and (not mentioned in the definition) promotion. Crucial to marketing it, without these four steps, with just one misstep between them all could lead to a disaster. The marketing mix is a good place to start before pushing out a product or service, to avoid mishaps which could attract the wrong target audience in which the product or service was intended.
E. J. McCarthy, “an Associate Professor of Marketing Management at the University of Notre Dame, has taught at the University of Minnesota and was a Fellow in the Institute of Basic Mathematics for Application to Business at Harvard University during 1959-60. He is the author of “Basic Marketing: A Managerial Approach” and is found in several articles in professional journals” …show more content…
Not what a normal consumer would think of when seeing a product on the shelf, or seeing two similar businesses side by side on the street. As mentioned earlier, if one step is missed the entire product could end up being labeled a failure and result in the demise of the company in which they belong to. Using these steps is for not only when trying a new product, but also when testing an existing marketing strategy. Always reviewing the marketing mix on a regular basis will help show any needs to change as the business and customer base (hopefully)
E. J. McCarthy, “an Associate Professor of Marketing Management at the University of Notre Dame, has taught at the University of Minnesota and was a Fellow in the Institute of Basic Mathematics for Application to Business at Harvard University during 1959-60. He is the author of “Basic Marketing: A Managerial Approach” and is found in several articles in professional journals” …show more content…
Not what a normal consumer would think of when seeing a product on the shelf, or seeing two similar businesses side by side on the street. As mentioned earlier, if one step is missed the entire product could end up being labeled a failure and result in the demise of the company in which they belong to. Using these steps is for not only when trying a new product, but also when testing an existing marketing strategy. Always reviewing the marketing mix on a regular basis will help show any needs to change as the business and customer base (hopefully)