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Marketing Mix

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Introduction

Principles of Marketing Coursework: The Marketing Mix Sumeera Noreen 07815383 The marketing mix, or the 4Ps as it is most commonly known as, is a "set of controllable tactical marketing tools...that the firm blends to produce the response it wants in the target market." (Kotler et al, 1994, p.48) It consists of four major elements: product, price, promotion and place, which are used in order to satisfy the customers in the marketplace. Getting the mix of the four elements right is crucial in order to successfully market a product. The concept of the marketing mix was first introduced by Borden in 1965, which originally included twelve variables of marketing. McCarthy reduced the model to four elements, that is the 4Ps. These four variables are interrelated; decisions in one area will affect decisions in another. "Marketing mix variables are often viewed as controllable variables because they can be changed. However, there are limits to how much these variables can be altered." (Dibb et al, 1994, p.17) Product refers to any type of good or service that the company wants to sell. ...read more.

Middle

Advertising, word-of-mouth promotion, public relations are common ways for promoting a product. Promotion creates awareness of the product and the company brand, and encourages consumers to purchase the product. Place refers to ways in which customers can obtain the product or receive the service being offered, such as in retail stores or through the mail. The more options through which your service or product can be available to your customers, the greater the effect on your sales. The marketing mix is a very useful guideline for understanding the basic principles of what makes an effective marketing campaign. It has been very influential in the development of the marketing theory and practices. Its greatest strength is its simplicity and the ease of understanding it. However, many people say that this can be a disadvantage because it is too simple and not broad enough. The theory was developed in the 1960s and marketing practices have evolved since then, one being the increasing number of services available. ...read more.

Conclusion

There has been a major power shift from firms to consumers in the past decade. "Today, the customer has the power...Thus, the marketer must shift from a 'supply' model that has been dictated by the 4Ps to a 'demand' model that will encourage customer 'votes' in terms of sales and ongoing relationships." (Dev et al, 2005, p.4) Some say that the 4Ps represent an oversimplified theory of Borden's original twelve element concept, which McCarthy may have misunderstood when he formulated his simple 4Ps concept. The 4Ps nevertheless, became a universal marketing theory which had a huge impact on marketing practices. The ultimate strength of the model was its simplicity and ease of understanding. However, it was though to be oversimplified and not detailed enough. The lack of service aspects of marketing was also a weakness. Overall, the 4Ps have provided companies with a valuable framework of marketing and was empowering for the past decade. However, "the time has come to build on that foundation with a next-generation marketing mix that will help businesses create and capture value within the realities of the 21st Century marketplace." (Dev et al, 2005, p. ...read more.

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