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The marketing mix otherwise known as the 4 p's of marketing stands for product, price, place and promotion. The marketing mix definition was established prior to Neil H. Borden's published article in 1964 , The Concept of the Marketing Mix the term became more widely known and used. Mr. Borden often used the term and concept when he was teaching. Along with teaching he also included other vital components to the mix such as “product planning, pricing, branding, distribution channels, personal selling, advertising, promotions, packaging, display, servicing, physical handling, and fact finding and analysis” (netmba.com) but it would be a gentleman by the name of E. Jerome McCarthy who would take the marketing mix components and group them into what is known as the
4 p's as shown below.
Image from NetMBA.com
The four P's were designed to focus on the target customers so that the organization involved can identify the value of their product or service and determine how well it will be received. Each “P” is made up of descriptions or choices of each set.
“Product” is the physical item or service that is being offered and what it would entail some of the considerations to be made are “brand name, functionality, styling, quality, safety, packaging, repairs and support, warranty, accessories and services” (www.netmba.com).
“Price” is determining the pricing decisions and strategies such as “pricing, suggested retail price, volume discounts and wholesale pricing, cash and early payment discounts, seasonal pricing, bunding, price flexibility and price discrimination” (www.netmba.com).
“Place” or ...