Association of Chartered Certified Accountants (ACCA) Certification Practice Test

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Which of the following is NOT one of the 4Ps of marketing according to McCarthy 1964?

  1. Promotion

  2. Price

  3. People

  4. Product

The correct answer is: People

The concept of the 4Ps of marketing, formulated by Jerome McCarthy in 1964, includes Promotion, Price, Product, and Place. These elements serve as a framework for marketing strategy development, helping businesses understand the various dimensions they must consider when bringing a product to market. Promotion pertains to the methods used to communicate with potential customers about the product and enhance its visibility. Price reflects the amount charged for a product and is pivotal in determining a product's market demand. Product refers to the good or service that a company offers and its features, benefits, and qualities that fulfill consumer needs. In this context, "People" is not one of the original 4Ps. While people indeed play a vital role in marketing, influencing customer decisions and shaping brand perceptions, this concept is typically addressed in later expanded marketing frameworks, such as the 7Ps, where additional elements like People, Process, and Physical evidence are included to provide a more comprehensive approach to service marketing. Therefore, "People" does not belong to the foundational group of the 4Ps as initially defined by McCarthy.