Question

(Subject is Marketing Management MGT-201)

A marketing mix is a group of marketing variables that a business controls with the intent of implementing a marketing strategy directed at a specific target market. The most common classification of the marketing mix is referred to as the 4 Ps, consisting of product, price, place, and promotion. There are many contemporary perspectives that challenge the sufficiency of the 4 Ps as the only marketing-mix framework, including the 7 Ps and4 Cs.

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Answer 1

Here I am going to describe about the importance of 4 piece along with the description about if 4 P's are sufficient for a business organisation as the alternative 4 p's are available such as 7 P's and 4 c's and if these are are important for the business organisation.

4 p's very important and famous in the term of business organisations. Everyone knows about the significance of the four P's. 4 piece here stands for the product, place, promotion and price. Although the 4ps of the marketing mix plays very significant role there is no as such need of the 7 P's or 4 c's.

But on the other side 7 P's and 4 c's plays their unique role. There is its importance of the 7 P's and 4 c's.

Importance of 7 P's and 4 c's are following :-

1) it raises the standard of living :- with the help of 7ps the standard of living of the people can be increased by the deep analysis of the people's choice and preferences.

2) easy transfer of goods and services :- when the consumer preferences, needs and wants are clear to the manufacturers then he tries to transfer the goods and services accordingly which makes it services more easy to transfer.

3) increase in employment :- with the help of seven seas employment ratio can be increased as in the complex organisation there is need of more employees.

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