In the sequence of strategic analysis and decisions, "" analysis falls after various external and internal environmental analyses such as , , and even formulation of competitive strategies ().
is an imperative concept in modern marketing and academically it is referred to as the set of controllable tools that the firm blends to produce the response it wants in the target market, so it consists of everything the firm can do to influence the demand for its product (Kotler and Armstrong, 2004). It is important to realise that marketing mix strategy of any company can have one major function, that is, strategic communication of the organisation with its customers (Proctor, 2000). It was further argued that marketing mix provides multiple paths as such communication can be achieved either in spoken form and written communications (advertising, selling, etc.) or in more symbolic forms of communication (the image conveyed in the quality of the product, its price and the type of distribution outlet chosen). However, the key element is that the main aspects of marketing mix that will be discussed below "should not be seen as individual entities, but as a set of interrelated entities which have to be set in conjunction with one another" (Proctor, 2000: 212).
Main Aspects of Marketing Mix (100)
The easiest way to understand the main aspects of marketing is through its more famous synonym of "4Ps of Marketing". The classification of four Ps of marketing was first introduced and suggested by McCarthy (1960), and includes marketing strategies of product, price, placement and promotion. The following diagram is helpful in determining the main ingredients of the four Ps in a marketing mix.
Marketing Mix Essays
1065 Words5 Pages
The marketing mix is primarily made up of four variables, and they are product, place, price, and promotion. These variables are often referred to as the four P's. Many sources often describe the marketing mix as a recipe used in developing a viable marketing strategy, with each ingredient being used different ways and at different times based on the product or service one is trying to market. This paper will utilize three sources to describe the elements of the marketing mix. It will also describe how each one of the four elements of the marketing mix impacts the development of an organization's marketing strategy and tactics.…show more content…
The article summarizes how Jerome McCarthy who referred to the marketing mix as the four P's, defines how the elements are to be used. He states that marketers have these elements available to them to assist in developing a marketing strategy. However, the elements are more useful in developing long term strategies versus short term strategies from a marketing perspective. The article continues to provide a history of how the marketing mix evolved and how several variables were added to the original four P's outlined by McCarthy, but most academically accepted are product, place, price, and promotion. The Netmba.com website defines the marketing mix as "the parameters that a marketing manager can control, subject to internal and external constraints of marketing environment". The goal is to generate a positive response from the target market. Just as the Wikipedia.com website has described more parameters being added into the marketing mix, so has the Netmba.com website, however Netmba.com also stresses that the four P's are the basis for most marketing text books.
Elements of the Marketing Mix As stated earlier the elements