Marketing can be defined as a business functions that focuses on recognizing customer needs, identifying targets and applies products and services to serve these markets. It also includes promoting of products and service with the selected marketplaces. Marketing is very essential to the success of a business, large, medium or small with its main concentration on offering quality, consumer value and customer satisfaction. A strategy commonly utilized is the “Marketing Mix”. The “Concept of the Marketing Mix” was created by (Borden 1964) who was inspired of the idea from (Culliton 1948)’s research. (Culliton 1948) described the idea of marketing as a ‘mixer of ingredients’ while baking a cake. However, (Borden 1964) interpretation of the marketing mix included price, product, place and promotion, but also branding, personal selling, planning, distribution channels, advertising, analysis and servicing. Together, these elements act as the means to illustrate the strategic position of a product within the market.
The Four Ps
According to (McCarthy 1960), the four fundamentals of the marketing mix are referred to as the four P’s. Product is the physical object that people sell or buy. It is the heart of the marketing mix. It is also the beginning point of the entire mix and strategy. When dealing with the product a company must consider the packaging, warranty, after-sale follow-up material, brand name and company name. For example, eating at TGI Friday’s in Fort Lauderdale is different is than eating at Ruby Tuesdays in Trinidad. Products can be tangible as well; for example, televisions or services such as Spa Treatments. Place or distribution is the location where the product or service are available to the consumer when they want and need them. Promotional consist of personal selling, advertising, public relations and sales promotion. The purpose of this is to inform, educate, persuade and remain consumers about products or services. For example, an old spice commercial can be considered as an effective promotion. Price is the cost a consumer must pay for the product or service. This can be considered as the most flexible out of the mixes. Each element plays an important role within the marketing decisions.
The adaptation of marketing mix approach to the modern world
Regardless of the number of criticisms against the marketing mix, it remains to be the most-widely accepted method used by marketers. There is evidence from research that the four P’s can still fit into the current marketing environment. Currently, the growth of high-technology digital age is convoyed by an increasing usage of computers and internet. “Conservatives” like (Bhatt, G.D., Emdad, A.F 2001) believes that the marketing mix can adapt to the environmental change by the internal transformation of each P element.
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