MARKETING MIX (THE CONCEPT OF 4PS)

The article overviews the marketing mix concept which is widely accepted be business schools and marketers. The 4Ps concept suggests four elements that should be considered by companies to launch their products: Product, Price, Place, Promotion. The concept became the basic one but there is much criticism of it. Specialists offer new extensions or versions: 7Ps, 8Ps, 4Cs. 7Ps and 8Ps models offer to add components People, Process, Physical evidence and Performance. The 4Cs concept proposes to replace components with Consumer, Cost, Convenience, Communication which are more customer-orientated. Despite the variation used marketing mix is an important part of a business strategy and each element must be thoroughly considered on its own and as a part of the whole.