The marketing mix involves the whole set of marketing decisions and actions taken to ensure the success of a product, service or a brand in its market.
The actual term ‘marketing mix’ very first was published in the book titled “The Concept of the Marketing Mix (1948)” authored by Neil H. Borden.
He was quoted saying that he was influenced based on the study of James W. Culliton (1912-2004) who defined the function of marketing managers as ‘mixers of Ingredients’ and then suggested a list of 12 components of the industrial marketing mix during this period.
- Product
- Price
- branding
- Distribution channels
- Personal selling (face to face)
- advertising
- Promotions
- Packaging
- Displays
- Servicing
- Physical handling
- Fact finding and analysis
In 196O, Jerome McCarthy formulated Borden’s theory and presented four primary variables, namely the 4 P’s (product, price, place and promotion) in his publication “Basic Marketing: A Managerial Approach”.
A result oriented feature of this strategy has already contributed to several organisations’ success and it is extensively implemented by a numerous number of marketing experts.
Concise Explanation of the Marketing Mix
The marketing mix is a marketing concept that incorporates the whole set of resources accessible to marketers to be able to evolve well-organized actions and reach their sales penetration goals within a target market.
Objectives of the Marketing Mix
The marketing mix involves the whole set of marketing decisions and actions taken to ensure the success of a product, service or a brand in its market.
On a broader scale, the marketing mix model can be implemented to help decision-making in the perspective of a new offer on the market, and also to test an existing marketing strategy.
In a nutshell, the total offer has to be made up of:
- the right product or service
- at the right price
- delivered in the right place at the right time
- supported by right kind of promotion.
Definition, Concept & Justification of Marketing ?
Marketing Plan: Key Elements & Action Plan
Marketing Plan: A Clear Structure/ Criteria/ Outline
