What are the 4 P's of marketing?© BrainMass Inc. brainmass.com October 16, 2018, 8:04 pm ad1c9bdddf
In popular usage, "marketing" is the promotion of products, especially advertising and branding. However, in professional usage the term has a wider meaning which recognizes that marketing is customer centered. Products are often developed to meet the desires of groups of customers or even, in some cases, for specific customers. E. Jerome McCarthy divided marketing into four general sets of activities. His typology has become so universally recognized that his four activity sets, the Four P's, have passed into the language.
The four Ps are:
? Product: The Product management and Product marketing aspects of marketing deal with the specifications of the actual good or service, and how it relates to the end-user's needs and wants.
? Pricing: This refers to the process of setting a price for a product, including discounts. The price need not be monetary - it can simply be what is exchanged for the product or service, e.g. time, or attention.
? Promotion: This includes advertising, sales promotion, ...
Random Variables Classification and Market Age
1.) Random Variables: Classification- Which of the following are continuous variables and which are discrete?
a.) Speed of an airplane
b.) Age of college professor chosen at random
c.) Number of books in the college bookstore
d.) Weight of a football player chosen at random
e.) Number of lightning strikes in Rock Mountain National Park on a given day
2.) Marketing Age- What is the age distribution of promotion-sensitive shoppers? A supermarket super shopper is defined as a shopper for whom at least 70% of the items purchased were on sale or purchased with a coupon. The following table is based on information taken from trends in the United States (Food Marketing Institute, Washington, D.C.).
3.) History: Florence Nightingale- What was the age distribution of nurses in Great Britain at the time of Florence Nightingale? Thanks to Florence Nightingale and the British census of 1851, we have the following information (based on data from the classic text Notes of Nursing, by Florence Nightingale). Note: In 1851 there was 25,466 nurses in Great Britain. Furthermore, Nightingale made a strict distinction between nurses and domestic servants.View Full Posting Details