Marketing Mix
For an organization to achieve their marketing goals they have to have a strategy and that strategy must include different marketing elements. One of the main elements is the marketing mix. The marketing mix is actually a combination of things that are used in the sale of a product. The marketing mix focuses on the combination of elements in a specific way that will create a successful mix to increase sales. Achieving the organizations desired results often takes experimentation, research and analysis. The combination and coordination of all of the elements is significantly more effective than just using one. With the implementation of both long and short term strategies, a business can focus on immediate sales goals and still build a solid business reputation. A company must be conscious of all aspects of the marketing mix to avoid sending mixed message to consumers and causing confusion.
Historical Facts
The term marketing mix comes from Neil H. Borden who published the article The Concept of marketing mix back in 1964. Mr. Borden began using the term in 1948 while he was a teacher. Borden had identified the ingredients of the marketing mix as follows:
• Product
• Pricing
• Planning
• Branding
• Distribution channels
• Personnel selling
• Advertising
• Promotions
• Packaging
• Display
• Servicing
• Physical handling
• Fact finding
• Analysis
Jerome McCarthy then grouped the ingredients together into four categories that are commonly known as the four P's of marketing. They are (1) product, (2) price, (3) promotion, and (4) place.
The Four P's
The objective of the marketing manager is to make decisions that create perceived value and generate positive response from the consumers within the target market. The four elements: product, price, promotion, and place are the parameters that the marketing manager controls to generate the proper consumer response.
Products are the actual items that the business sells to a...