THE HISTORY OF MARKETING MIX The term "marketing mix" was coined in 1953 by Neil Borden in his American Marketing Association presidential address. However, this was actually a reformulation of an earlier idea by his associate, James Culliton, who in 1948 described the role of the marketing manager as a "mixer of ingredients", who sometimes follows recipes prepared by others, sometimes prepares his own recipe as he goes along, sometimes adapts a recipe from immediately available ingredients, and at other times invents new ingredients no one else has tried. A prominent marketer, E. Jerome McCarthy, proposed a Four P classification in 1960, which has seen wide use.
Product Design Decisions
Providing Costumer Services
Promotion to Business Costumers
Place of Business
Price determine Value
A Marketing Mix is a Mixture of marketing techniques such as pricing, packaging, and advertising used to promote the sale of a product or the four P’s (product, promotion, price and place). These are variables that a company may use in mapping a successful marketing strategy. Each P is interrelated to all other P’s Marketing Success = desirable product + acceptable price + effective promotion + right place These four P’s of marketing mix are a very important part of every business in attracting and keeping target markets satisfied where: •
A good product is the key to marketing success. While all other elements of marketing mix must work together for the overall success of a company, the product is essential for the marketing mix to be able to be used. •
The price is the amount a customer pays for the product. The business may increase or decrease the price of product if other stores have the same product. Retailers use different pricing strategies to attract different consumers. For example, some stores use low or discount prices to attract economy-minded consumers, while some stores set higher prices to convey an upscale image •
Place represents the location where a product can be purchased. It is often referred to as the distribution channel. It can include any physical store as well as virtual stores on the Internet. •
Promotion represents all of the communications that a marketer may use in the marketplace. Promotion has four distinct elements: advertising, public relations, personal selling and sales promotion. A certain amount of crossover occurs when promotion uses the four principal elements together, which is common in film promotion. Advertising covers any communication that is paid for, from cinema commercials, radio and Internet adverts through print media and billboards momentum. Sales staff often plays an important role in word of mouth and Public Relations .
DEFINITION OF TERMS
MARKETING MIX – Mixture of marketing techniques such as pricing, packaging, and advertising used to promote the sale of a product.
Customers’ approximate price of products advantages and importance are not always free from errors. According to Boyd, Walker, Mullins & Larrénché in Marketing Management, 4th Edition (2002) a buyers greatest fulfillment with a purchase vary on whether the product actually stays along to expectations and delivers the expected benefits. This is why costumers services – in a great degree those accruing after a sale, such as delivery, installation, operating instruction, and repair – are often critical for maintaining satisfied costumers. “Since a firm is in business to sell satisfactions, a transaction is not complete until the satisfaction has been delivered. When products are not purchase (as in the case with all commodities except for a very few services), the need for post-sales servicing often arises. The longer the period over which a product is...
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