Marketing Mix Paper

3 Pages 756 Words

Marketing Mix Paper
According to the textbook Contemporary Marketing Wired (1998) by J. Boone and S. Kurtz, the concept of marketing is defined as follows; “ Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services, organizations, and events to create and maintain relationships that will satisfy individual and organizational objectives." To bring this conceptual goal to fruition marketers have essentially four variables to use when crafting marketing strategies and writing a marketing plan. They are price, promotion, product and distribution (also called placement). They are sometimes referred to as the 4P's and all marketing decisions generally fall into one of the four controllable categories.
The term “marketing mix” or 4 P’s, became popular in 1964 by Neil H. Borden whose original marketing ingredients included product planning, pricing, branding, distribution channels, personal selling, advertising, promotions, packaging, display, servicing, physical handling, and fact finding analysis.(1964). This was later grouped into the four categories previously mentioned. The marketing mix is the parameters that the marketer or marketing manager can control (subject to the external and internal constraints of the marketing environment at large). The marketers goal is to always make decisions that focus each of the 4 P’s on the consumers in the target market in order to generate perceived value and create a favorable customer response.
The term “product” in the marketing mix alludes to not only tangible physical products but services as well. Product decisions are also encompassed in this category and include: brand name, functionality, quality, styling, safety, packaging, warranty, repairs and support, and accessories and services.
The term “price” in the 4 P’s refers too much more than assigning a single cost to a produc...