Marketing mix
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31 pages
MI[pic]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: - product - planning - pricing - branding - distribution channels - personal selling - advertising - promotions - display - servicing - physical handing - fact finding - analysis E. Jerome Mc Carthy, later, grouped these ingredients into 4 categories that are today known under the name “the 4 Ps”: • Product • Price • Place • Promotion When marketing their products, 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 and adaptable 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 but