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The 4Ps Model |
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Marketing Mix |
Blending marketing variables: Summary of the 4 Ps Model. Abstract |
McCarthy |
The Marketing Mix model (also known as the 4 P’s) can be used by marketers as a tool to assist in implementing the M. strategy. M. managers use this method to attempt to generate the optimal response in the target market by blending 4 (or 5, or 7) variables in an optimal way. It is important to understand that the MM principles are controllable variables. The MM can be adjusted on a frequent basis to meet the changing needs of the target group and the other dynamics of the M. environment.
The function of the MM is to help develop a package (mix) that will not only satisfy the needs of the customers within the target markets, but simultaneously to maximize the performance of the organization. There have been many attempts to increase the number of P's from 4 to 5P's in the MM model. The most frequently mentioned one being People or Personnel. Booms and Bitner have suggested a 7-Ps approach for services-oriented companies. Book: Nirmalya Kumar - Marketing As Strategy: Understanding the CEO's Agenda for Driving Growth and Innovation Book: David A. Aaker - Strategic Marketing Management Compare with the 4-Ps: Extended Marketing Mix (7-Ps) | Ansoff | Porter | BCG Matrix | Bass Diffusion model | Positioning |
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