The term "marketing mix" became "popular after Neil H. Borden published his 1964 article, The Concept of the Marketing Mix." (www.netmba.com) Borden's marketing mix included "product planning, pricing, branding, distribution channels, personal selling, advertixing, promotions, packaging, display, servicing, physical handling, and fact finding and analysis." (www.netmba.com) E. Jerome McCarthy grouped these items into the what is now known as the four P's product, price, place, and promotion. (www.netmba.com) These four P's are the parameters that the marketing manager can control, depending on the internal and external limitations of the marketing environment. The goal is to make decisions that center the four P's on the customers in the target market in order to create perceived value and generate a positive response. (Perreault & McCarthy, 2005)
The first element of the marketing mix is product. The term "product" refers to tangible, physical products as well as services. Some of the product decisions include "brand name, functionality, styling, quality, safety, packaging, warranty, and accessories or services." (www.netmba.com) An important thing to remember about this element is that you cannot develop products and then try to sell them to a mass market. You have to study the wants and needs of the consumers in your target market and then draw these consumers in with something they want. You have to find out what people want and produce that product.
Several months ago, I was looking for movie listings online. A friend had told me about Fandango.com and so I decided to try it out. Fandango.com is a web site that searches for movies based on the customers search criteria. Once you choose the movie, location, and time you wish to attend, you have the option of purchasing your movie ticket immediately. This saves time at the theater because you do not have to wait in line at the ticket counter. This is a good... [continues]
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"Marketing Mix." StudyMode.com. 09, 2007. Accessed 09, 2007. http://www.studymode.com/essays/Marketing-Mix-121113.html.