Introduction
The business environment is passing through rapid changes due to a major driver of the new economy: on-line technology. Marketing theories and models dominant today are going to be passé tomorrow. In addition, the pure essence of the marketing science is that ought to be adaptive. Borden defines the marketer as a "decider", an "artist", a "mixer of ingredients", who sometimes follows a recipe prepared by others, sometimes prepares her/his own recipe as s/he goes along, sometimes adapts a recipe to the ingredients immediately available and sometimes experiments with or invents ingredients no one else has tried. (Borden, 1964) Thus marketer is constantly adopting different principles to remain market and customer focused. In fact the idea of adaptation comes from nature; a species in order to survive has to evolve. Likewise the fundamental "marketing mix" has advanced, as the elements that make it up, its focus and how it is practiced have changed a great deal over the years.
Marketing Mix in Theory
Marketing mix is a tool organized to aid an organization in reaching its target markets and specified objectives. The model was developed by Borden (Borden, 1964), who first started using the phrase in 1949. The most famous variables are, Product, Price, Promotion and Place, first suggested by McCarthy (McCarthy, 1960), referred to as the four P's. Another set of variables was developed by Frey (Frey, 1961). He classified the marketing variables into two categories: the offering, and process variables. Booms and Bitner built a model consisting of seven P's (Booms and Bitner, 1981) for the services industries adding Participants, Physical Evidence, and Process. Recently, Lauterborn (Lauterborn, 1990) claimed that each of the 4Ps should also be seen from a consumer's perspective introducing the four C's, customer solution, cost to the customer, convenience, and communication.
Marketing Mix in Practise
Alongside with the academic evolution, inevitably came the changes in marketing strategies and procedures. The marketing mix although adopted in its basics, has to catch up with the economy restructuring.
Product
The objective of the marketer is to optimize the product to meet the requirements of the potential customer. Dell has managed to overcome the time-consuming procedure of updates, researches, testing periods, etc, by providing "ideal products" configured in real time in a one-to-one environment, as the customer can build a computer for her/his specific needs from a set of optional components (www.dell.com). Moreover the consumer is becoming more technologically savvy and increasingly able to acquire quality products in the web - providing that a quality product is the one that meets the customer requirements (EN ISO 9001:2000).
Kotler and Keller (2014) develop on what product represents in the marketing mix, as the idea centers around its design, quality and packaging. Continuing with the Four P model, price should be considered when marketing a product. The price component asks one to determine the list price, discounts, allowances, and payment period of a product (Kotler & Keller, 2014). Finally, Kotler and Keller (2014) list promotion and place as the final two variables associated with the older Four Ps. Promotion deals with how a product is advertised and what type of sales force will be utilized, while place is associated with the channels and locations for which your product will be featured (Kotler & Keller,
This paper will describe the four elements of the marketing mix (product, place, price, promotion). In addition, it will describe how each element is implemented within a specific organization and how the four elements relate to that organizations marketing strategy. The company used in this example is both a product and service driven company and is in business for profit.
The 4 Ps of the marketing mix are: Product, Promotion, Price, and Place. The marketing mix puts the right products, at the right price point, in the right place, at the right time. The following examines how Claire’s Chocolates optimizes its marketing mix (Yoo, Donthu, & Lee, 2000, 195-196).
The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand of products in the market. Price, Product, Promotion and Place, are known as the 4Ps that make up a typical marketing mix. As marketing evolves, there are additional Ps that can also be included in the marketing mix, however, focusing on the 4 core Ps of the marketing mix, price, place, promotion and Product, taking an in-depth look at the aspects of Victoria’s Secret in general and in terms of the selected product. All the elements of the marketing mix influence each other. They contribute to the business plan for a company and if managed correctly, can give it a great success. In order to successfully master marketing mix, it needs understanding,
The marketing mix, which is basic to any organization, can be considered the ‘controllable’ variables that every business encounters. These controllable variables can be modified based on the uncontrollable variables (external factors found in Environmental Scan) that directly affect business operations. A company focuses on four elements in the marketing mix: Product, Price, Place, and Promotion, which are managed and coordinated through marketing programs in efforts to appeal to their target market. Marketers strive to understand what motivates consumers to purchase certain products. The marketing mix helps to break down some of these questions: What will consumers buy? How much will they spend? Where will they buy? And will they buy again?
I found the main goal of the article to explain the concept of marketing. As the author implies, the concept of the marketing mix is a great tool to give an answer to the question “what is marketing”. It is a great introduction of the elements of marketing as a whole, with visual charts that sum the different marketing forces. Marketing is not about doing or not doing, its mainly about doing the right things for your operation with consideration of the resources that are available. This also sheds light over the fact that managing functions of marketing must be oriented to the market and with consideration of the marketing changes make a marketing mix that fits the resources of the firm.
Marketing In this day and age is vital for a company to perform at its possible best. Marketing’s main focus is to give great satisfaction to a customer. There are many aspect of marketing, these aspects give marketer’s the tools to help strive for the best possible success they can achieve. They hope that they can create exposure for their brand, product or service.
Over the last decade, product marketing and ways through which communication takes place between manufacturers and consumers has changed tremendously (Belch & Belch 2004). Due to the technological revolutions and the rise of innovations such as the mobile phones and the internet, control over information has shifted apparently from the manufacturer's hands to the hands of consumers (Belch & Belch 2004). The market environment has also changed due to globalization of marketing strategies, loss of confidence in media advertising, increased reliance on targeted communication methods, and media fragmentation and so on (Belch & Belch 2004).
Marketing is a process of determining a consumer’s needs, devising a product or service to satisfy those needs, and trying to focus customers on the goods and services you are offering. Marketing is extremely important, and a fundamental building block for business growth. A marketing team is given the task of creating customer awareness through a variety of different marketing techniques. If a business does not pay close attention to their consumer demographic and needs, they will eventually fail over time. Two important aspects of marketing include acquiring new customers, and the preservation and growth of relationships with current customers. Marketing has always been viewed as a creative outlet, which encompassed advertising, distribution, and the selling of goods and services. Marketing staff will also try to anticipate what customers will want in the future, often being accomplished with market research. In summation, a good marketing plan should be able to create a favorable proposition or series of benefits that a customer can value through goods or services. The marketing mix is normally described as the strategic positioning of a product or service in the marketplace, using the specification of the four Ps. During the early 1960’s, Professor E. Jerome McCarthy of Harvard Business School stated that a marketing mix contains four elements. The four key points are product, pricing, promotion, and placement. It is recognized that all these aspects must be present to ensure a successful business model within a given industry. We will now take a thorough look at the four marketing mix points.
Marketing is not a static construct, but it grows and develops over time to become what is known as marketing today. “The marketing revolution divides neatly into four separate eras’, eras’ which parallel rather closely the classic pattern of development in the marketing revolution.” (Keith, 1960). The first of these 4 eras was until the 1930’s and was production and profit orientated, and are considered to be outdated. During this era “the new product decision was product oriented not marketing orientated.” (Keith, 1960). “The second era was a sales oriented era, whereby marketing was seen as a series of activities designed to produce profit through ascertaining, creating, stimulating, and satisfying the needs/wants of a selected segment of the market.” (Eldridge, 1970, p. 4). The 3rd and 4th eras are a representation of what
First, from the beginning of the classes I was able to design and implement marketing/business strategies in particular areas only. After that, I am able to create long-term and mutually beneficial exchange relationships between an entity and the publics with it interact. Moreover, the strategic marketing analysis & planning process such as internal & external situation assessment, strategy formulation, positioning and marketing mix were taught during lessons in detail that integrated my marketing knowledge. And as a result I also became aware with a range of new issue of marketing management and the marketing tactics in particular that were resulted from
A marketing mix is what businesses use to detail the main functions of business marketing and do into further explanation as of how those functions influence the success or failure of a business. There are several different marketing mix tools, the four P’s is a very useful tool explaining the main functions of a marketing mix. A basic way of describing the marketing mix is the four P’s: Product,Place, Price, Promotion. A very important part of understanding how to use this tool is asking yourself questions that will help you understand each individual part of the marketing mix. Many people use this process to check their existing business to see if there are improvements to be made. The four P’s marketing mix system could also be used before starting a new business or offering a new product to give yourself guidelines on how to run your new business.
The marketing mix is important to the sport industry because it allows a sport marketer to better understand the market they are selling in, and enables a sport marketer to generate an increase in revenue. The marketing mix contains the four p’s, which include: product, price, place and promotion. Each of the p’s in the marketing mix are all vitally important because they are what you are selling, why you are selling, where you sell it at, and how you promote what a sport marketer is selling. The marketing mix is essential to the sports industry because it enables a sport marketer to better understand their product, and improve sales.
“In 1960, McCarthy expanded what Neil Borden had previously coined the Marketing Mix [1] (now often associated with the "4 Ps") as 4 controllable variables the company puts together to satisfy a target market: product, price, place and promotion.[2]”
VARGO, S. L. & LUSCH, R. F. 2004. Evolving to a New Dominant Logic for Marketing. Journal of Marketing, 68, 1-17.