Marketing Mix Paper
Marketing Mix Paper
MKT/421
September 20th, 2010
The Marketing Mix was a phrase coined in the 1953 by Neil Borden in his AMA (American Marketing Association) presidential address. In 1960 E Jerome McCarthy proposed the 4 P classification that is now used when discussing the “mix”. The actual purpose of the marketing mix was to use a combination of tools to satisfy and reach the goals for both the consumer and company. The four P’s for this mix are product, price, place, and promotion, these are put together in order to successfully supply the majority of consumers with products a company creates.
The basics of the 4 P’s of marketing are simple. First there is the product, one cannot begin to market something if it does not exist, the product should be something that is either in high demand or that a high demand can be created for. Next is the price, the type of product and demographic for the product will better determine the price. For instance if the product that is something in technology then going with a higher price will create a better buzz then starting off lower. If a higher price is asked for then the product becomes elite and is more sought after then the lower price product. Then over time the company will reduce the cost and show that even the average person can also have the nicest product. But if the product is clothing then higher prices do not always mean better sales. When pricing clothing one would look at who they are selling the product too. The idea of clothing is to sell to who you want to wear your products.
The place is just as important as the price when it comes to the “mix” a company want’s to make sure that if they are advertising a high dollar product then the right people will be looking at. You sell to your audience and that goes into the last P, promotion. A company needs to promote the product with the right audience or demographic in mind. Advertising a thousand dollar pump to men would not generate a lot of income,
MKT/421
September 20th, 2010
The Marketing Mix was a phrase coined in the 1953 by Neil Borden in his AMA (American Marketing Association) presidential address. In 1960 E Jerome McCarthy proposed the 4 P classification that is now used when discussing the “mix”. The actual purpose of the marketing mix was to use a combination of tools to satisfy and reach the goals for both the consumer and company. The four P’s for this mix are product, price, place, and promotion, these are put together in order to successfully supply the majority of consumers with products a company creates.
The basics of the 4 P’s of marketing are simple. First there is the product, one cannot begin to market something if it does not exist, the product should be something that is either in high demand or that a high demand can be created for. Next is the price, the type of product and demographic for the product will better determine the price. For instance if the product that is something in technology then going with a higher price will create a better buzz then starting off lower. If a higher price is asked for then the product becomes elite and is more sought after then the lower price product. Then over time the company will reduce the cost and show that even the average person can also have the nicest product. But if the product is clothing then higher prices do not always mean better sales. When pricing clothing one would look at who they are selling the product too. The idea of clothing is to sell to who you want to wear your products.
The place is just as important as the price when it comes to the “mix” a company want’s to make sure that if they are advertising a high dollar product then the right people will be looking at. You sell to your audience and that goes into the last P, promotion. A company needs to promote the product with the right audience or demographic in mind. Advertising a thousand dollar pump to men would not generate a lot of income,
References: Marketing Mix. (2010) BusinessDictionary.com Aafes.com (2010) retrieved from their exchange story