The term "marketing mix" became popularized after Neil H. Borden published his 1964 articles entitled the concept of the “marketing mix”. Borden began using the term in his teaching in the late 1940's after James Cullington had described the marketing manager as "a mixer of ingredients". The ingredients in Borden marketing mix included:
- pricing- branding
- distribution channels
- personal selling
- physical handing
- fact finding
E. Jerome Mc Carthy, later, grouped these ingredients into 4 categories that are today known under the name “the 4 Ps”:
When marketing theirproducts, firms need to make a successful mix of the right products sold at the right price in the right place using the most suitable promotion.
So, the marketing mix is the balance of marketing techniques required for selling the products.
To create the right marketing mix, businesses have to meet the following conditions:
1. The product
It has to have the right features. For example,it has to look good and work well. It also has to be appropriate to the market segment the firm is trying to sell to. In the past, many firms were product oriented which means that all their effort was focused on marketing the product. There was little flexibility for individual customers or segments of the market.
Firms now tend to be market oriented. This means that they are flexible andadaptable to the demands of the market. They aim to change the product as necessary to satisfy their customers.
2. The price must be right
Consumers will need to buy in large numbers to produce a healthy profit. The price of the product, particularly the price compared to the competitors, is a vital part of marketing.
There are 2 possible techniques:
a) market skimming => pricing high butselling fewer.
b) market penetration => pricing lower to secure a higher volume of sales.
The goods must be in the right place at the right time. This part of the marketing mix is all about how the product will be distributed.
Current trends are towards shortening the chain of distribution.
It may take the form of point of sale promotion (advertising,sponsorship…).
The target group needs to be made aware of the existence and availability of the product through promotion.
Examples: The marketing mix of Manchester United and some famous multinationals.
• What are the main elements of marketing mix of Manchester United?
First of all, the product, which includes providing an excellent football team.
However, there are other ingredients of theproduct including merchandising such as the sales of shirts and a range of souvenirs.
The product also relates to television’s rights and Manchester United own television channel
The place is Old Trafford were home games are played and of course, its products are sold across the globe through the club’s websites and other sales medias.
The club also engages in a range of promotional activities(e.g.: with the mobile phone company Vodafone).
• Kellogg’s: it sells a global product i.e. the same for different markets regardless of existing local preferences. Kellogg’s tries to change consumption patterns instead of adjusting to them. In other words it offers one standardized product everywhere.
• Coca cola, on the contrary has a different strategy. It changes the flavour of itsdrinks to conform to local taste like Mc Do which sells hamburgers without ham in Muslim countries. The same differences in product strategies are also to be found in advertising. Rolex, for example has the same advertising message for all markets. The advantage can be lower cost.
The marketing mix consists of the various elements of a marketing program, their integration and the...