Marketing Theories

Marketing Theories

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The marketing mix theory intertwines different necessary components of decision making in marketing. This theory is known for the 4 P’s that help companies identify and develop a pattern for their marketing process. The 4 P’s are price, promotion, product, and placement (Martin, 2009). There are 5 additional P’s to elaborate on the marketing system within the marketing mix theory. The additional 5 P’s are publics, performance, politics, probability, and planning (Harvey, Lusch & Cavarkapa, 1996). Publics are identified as a group of people that have an interest in impacting a certain organization. Performance is associated with the levels of performance. Politics is understood to be needed in the marketing mix theory to serve as a conflict reducer and increase cooperation with the customer and create a profit with the company (Harvey, Lusch & Cavarkapa, 1996). Probability is potentially the action a company needs to take to create some type of result, which also serves as the risk function in the marketing mix. The final P is planning. This step allows companies to plan marketing efforts to lessen the probability of error on their part. The strengths of this theory are that there are many components (the “mix”) that a company needs to answer in order to market their product or service, making it potentially less of an issue in the future as all of the P’s are answered and a plan is set for the marketing endeavors. One weakness with the marketing mix theory is that the 4 P’s miss some fundamentals of marketing such as flexibility, adaptability, and responsiveness (Martin, 2009).

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