Definition of Marketing Mix

Marketing Mix can be defined as a formula for making effective marketing decisions. This term, Marketing Mix was first devised by Neil Borden in 1953 constructing further on the earlier work of Culliton (1948). Later on in the same year, Borden introduced the concept of Marketing Mix. The following is a short sample of the topic Marketing Mix, prepared for your help by our coursework writing team. When you need your assignment writing to be perfect and get great grades for you, our coursework help is the answer. Our assignment help not only prepares your paper but also can also proof-read and edit any paper written by you.

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The concept of Marketing Mix has been adopted by many large corporations in their marketing strategy to identifies, anticipate and satisfy the needs of their customers. Later on, in 1960, Jerome McCarthy, proposed the concept of the 4Ps of Marketing Mix. This, McCarthy explained, stood for the four words: Product, Place, Pricing and Promotion, which are the chief characteristics related to what is being marketed. These elements of the Marketing Mix must be blended in the suitable manner so that the marketing of the goods is successful and profitable.

Components of the Marketing Mix

Let us examine the components of Marketing Mix one by one:

Product: Great care has to be taken in the designing and manufacturing of the products so as to make it consistent with the needs and desires of the consumer. These can be brought in by strategies such as product variation, product differentiation, product innovation or product elimination.

Price: This is what is paid by the consumer for the product or service and so the pricing of the product has to be attractive enough to the buyers to aid in marketing the product. The correct market price has to be decided taking into consideration the product cost and the demand for the product, its market share, the competition in the market and the consumer’s perceived value of the product. The strategies for pricing can include: cost recovery pricing, penetration pricing or price skimming.

Place: the placement or distribution channel of the product is very important in marketing it efficiently. Factors like the availability of the product at an outlet that is convenient and accessible would attract more consumers. For this, building a network of efficient distribution systems is important. The strategies that can be adopted are increase in the efficiency of the distribution channel, direct sales to the consumer, indirect sales through agents and retailers, and e-commerce.

Promotion: the promotion of the product is carried out by advertising it. The communication of the product and its features to the consumer is important for creating awareness about the product and attracting more customers. Promotion can be carried out through word of mouth, advertising, public relation exercises and point of sale promotion. The strategies for promotion can include mass communication, individual communication, brand management and though creating a corporate identity.

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