Manag., December-2019 – Q78
- Option : C
- Explanation : Jerome McCarthy (1960) proposed a fairly restrictively defined marketing mix framework that has come to be known as the 4Ps of
product, price, place, and promotion.
> Product: A physically tangible object or an intangible service produced and offered to consumers in the marketplace.
> Price: What a consumer pays for the product or service—usually focused on the economic cost but can also include intangible costs such as time and effort expended to uptake the offering.
> Place: Refers to the location (physical or virtual/online) in which a product or service is offered for purchase, and also the process by which it is distributed to the purchase point (the distribution channel).
> Promotion: The range of communications used by marketers to promote offerings to consumers in the marketplace, for example, advertising, public relations, personal selling, and sales promotion.
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