The Concept of 'marketing Mix' and Its Elements
Autor: Diane1212 • November 16, 2014 • Case Study • 659 Words (3 Pages) • 1,767 Views
Abstract
Marketing mix is the most fundamental concept of marketing which is a set of controllable marketing tools that a company uses to create a desired response in the targeted market. American Marketing Association presidential address coined the term, "marketing mix", in 1953. Marketing Mix’ is also referred and known as the Four P's i.e. product, price, place of distribution, and promotion. These are the primary ingredients of a marketing strategy, and as a means of translating marketing planning into practice. McCarthy (1960) was first to suggest the four P's. Muala & Qurneh (2012) revealed that later on researchers by adding three more elements have explained seven elements which are their 7Ps i.e. product, price, place, promotion, Personnel, Process and. Physical Evidence. This study explains these 7Ps, which are the elements of Marketing Mix.
Introduction
Marketing mix is the most fundamental concept of marketing. Riaz & Tanveer (n.d) referring Kotler, Armstrong, Wong, & Saunders (2008) defined the marketing mix as: a set of controllable marketing tools used by a company for creating a desired response in the targeted market. These elements or tools of marketing mix are the basic, tactical components of a marketing plan. So ‘Marketing Mix’ is also referred and known as the Four P's, which are marketing mix elements i.e., product (P-1), price (P-2),place of distribution (P-3), and promotion (P-4). These are the primary ingredients of a marketing strategy, and as a means of translating marketing planning into practice. McCarthy (1960) was first to suggest the four P's. This study is to explain the elements of marketing mix in the light of literature.
Emergence of Marketing Mix
According to Rafiq & Ahmed (1995) Borden in 1965 claimed to be the first to have used the term “Marketing Mix” but to him it simply consisted of important ingredients or elements making up a marketing program.
Wolfe & Crotts (2011), Riaz & Tanveer (n.d) and DURMAZ (2011) revealed that Neil Borden in his address coined the term, "marketing mix",
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