4 M's of Marketing
Marketing Management
MKTG – 508-010
Spring 2010
Dr. Walter Kendall
Submitted by
Shagun Nagpal
On
Mar 27th 2010
Tarleton State University
Abstract
Marketing is a combination of activity and set of institutions that create, communicate deliver and exchange services that have values to society including customers and clients. (AMA, 2007) Marketing emerged as a technical field of study in early 19th century but it came into existence all over when Neil Borden uses the term marketing mix for the first time in 1953. According to Neil Borden marketing is all about the 4P’s (product, place, price, promotion) and we have to take care only of these 4P’s to become a marketing guru but after reading almost 5 books on marketing I can say that including these 4P’s some other areas are also very important to deal in this corporate world. I have named them as four directions of marketing or 4 M’s of marketing. In this assimilation paper I m going to discuss these 4M’s in detail that why they are important and how I came to this decision. (Stanley C., Kathleen M., 2005)
Introduction
As we all know that market is a flexible thing that changes almost everyday and to deals with these changes we have different concepts of marketing such as 4P’s but these concepts were made in 19th century to deals with the problems at that time. These concepts may or may not be acceptable today in 21st century where customer is said to be a king of the market. This new concept of 4M’s of marketing deals with all new ideas and strategies needed to attract and retain customers. These marketing directions are a set of 4 most powerful marketing tools that can be used to direct the marketing objectives in the target market (Sehew D. C., Hiam W. A., 1998)
4 M’s of Marketing
As I have discussed these 4M’s are also called as marketing directions. It includes Making good relations (relationship
MKTG – 508-010
Spring 2010
Dr. Walter Kendall
Submitted by
Shagun Nagpal
On
Mar 27th 2010
Tarleton State University
Abstract
Marketing is a combination of activity and set of institutions that create, communicate deliver and exchange services that have values to society including customers and clients. (AMA, 2007) Marketing emerged as a technical field of study in early 19th century but it came into existence all over when Neil Borden uses the term marketing mix for the first time in 1953. According to Neil Borden marketing is all about the 4P’s (product, place, price, promotion) and we have to take care only of these 4P’s to become a marketing guru but after reading almost 5 books on marketing I can say that including these 4P’s some other areas are also very important to deal in this corporate world. I have named them as four directions of marketing or 4 M’s of marketing. In this assimilation paper I m going to discuss these 4M’s in detail that why they are important and how I came to this decision. (Stanley C., Kathleen M., 2005)
Introduction
As we all know that market is a flexible thing that changes almost everyday and to deals with these changes we have different concepts of marketing such as 4P’s but these concepts were made in 19th century to deals with the problems at that time. These concepts may or may not be acceptable today in 21st century where customer is said to be a king of the market. This new concept of 4M’s of marketing deals with all new ideas and strategies needed to attract and retain customers. These marketing directions are a set of 4 most powerful marketing tools that can be used to direct the marketing objectives in the target market (Sehew D. C., Hiam W. A., 1998)
4 M’s of Marketing
As I have discussed these 4M’s are also called as marketing directions. It includes Making good relations (relationship
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