E. Jerome McCarthy

Who is E. Jerome McCarthy?

Edmund Jerome McCarthy was an American marketing professor at Michigan State University and others such as the University of Notre Dame. He is the author of the influential book Basic Marketing. A Managerial Approach. In 1960, McCarthy reduced the Marketing Mix to 4 elements: product, price, place and promotion.

⁕Product: The product aspects of marketing deal with the specifications of the actual goods or services, and how it relates to the end-user's needs and wants. The scope of a product generally includes supporting elements such as warranties, guarantees, and support.

⁕Pricing: This refers to the process of setting a price for a product, including discounts. The price need not be monetary; it can simply be what is exchanged for the product or services, e.g. time, energy, or attention. Methods of setting prices optimally are in the domain of pricing science.

⁕Place: refers to how the product gets to the customer; for example, point-of-sale placement or retailing. This third P has also sometimes been called Place, referring to the channel by which a product or service is sold, which geographic region or industry, to which segment, etc. also referring to how the environment in which the product is sold in can affect sales.