Principles of Marketing Coursework:

The Marketing Mix

Sumeera Noreen

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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. The success or failure of the product depends on the product’s features and design, branding and packaging. The product is the most important element of the marketing mix because if the product is not good enough and fails to satisfy the needs of the customers, then no amount of promotion, distribution and price-cutting will persuade them to buy it.

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Price refers to the amount of money charged for a product or service. Determining the price of the product is a very crucial part as it is one of the most important factors that affect the consumer’s buying decision. “Companies often make their pricing decisions first and then base other marketing-mix decisions on the prices they want to charge. Here, price is a crucial product positioning factor that defines the product’s market, competition, and design.” (Kotler, 1994, p.349)

Pricing is the element that can be varied easily, giving it a successful advantage.

Promotion refers to the activities that broadcast ...

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