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The 4 and 7 P's Of Marketing - Online Term Paper

The 4 and 7 P's Of Marketing

Marketing

Since marketing is the mode of, and content of communication between a company and its customers, marketing can be understood as the process of creating the need for a product of service, identifying the target audience which possesses the particular need, and then communicating to the targeted demographic the features and benefits of the product or service which meet the identified, or created needs. Marketing is the formal method to bring together the products or services, and the perceived needs of the targeted demographic.
More the last few decades, modern marketing was taught in reference to 4 P's.
The term marketing became popular in 1964 after Neil Borden published ...

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was the target market for the product, and identified the audience which would product the highest receptivity.
However, in the past few years, the increasing amount of segmentation in the marketplace, and the increased ability to target the different market segments has created the need to identify 7P's of marketing, rather then just 4. The following is a list of the 7P's.
Person: A company needs to understand the customer as a person, and their personal needs.
The company needs to address and understand the customer's problem, and therefore understand why they are looking to purchase the product or service.
The company needs to have a specific proposition prepared in order to communicate to the customer how and why they can solve the problem. Positioning is a comparison of the new product or service relative to other similar products or services in the marketplace. Positioning helps define the message to the customer, as well as fine tune the produce development, ...

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The 4 and 7 P's Of Marketing. (2016, August 11). Retrieved November 22, 2024, from http://www.essayworld.com/essays/The-4-and-7-Ps-Marketing/105810

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PAPER DETAILS

Added: 8/11/2016 03:06:52 AM
Category: Business
Type: Premium Paper
Words: 1212
Pages: 5

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