The marketing program consists of numerous decisions on the mix of marketing tools to use. The marketing mix is the set of marketing tools the firm uses to pursue its marketing objectives in the target market. McCarthy classified these tools into four groups.that he called the four Ps of marketing: Product,Price, Place, and Promotion.
THE FOUR 'P's OF MARKETING MIX:
1.The first P that is Product represents
Product variety,
Product Quality,
Product Design,
Product Features,
Product brandname,
Packaging services , Warranties,returns etc.
2.The second P i.e ., Price represents
list price,
discounts,
allowances,
payment period,
credit terms etc.
3.The third P i.e., Promotion represents
sales promotion,
advertising,
sales force,
public relations,
direct marketing etc
4.The fourth P i.e, Place represents
channels,
coverage,
assortments,
locations,
inventory
transport.
Marketing-mix decisions must be made for influencing the trade channels as well as the final customers. The four Ps represent the sellers view of the marketing tools available for influencing the buyers. From a buyer's point of view , each marketing tool is designed to deliver a customer benefit . Robert Lauterborn suggested that the sellers' four Ps correspond to the customers' four Cs
Four Ps Four Cs
Product Customer solution
Price Customer Cost
Place Convenience
Promotion Communication