Marketing Mix : A Business Tool

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The term ‘Marketing mix’ is said to have first been used by Borden (1965). The term ‘Marketing mix’ was derived from the lone P (price) of microeconomic theory (Chong, 2003). The marketing mix is a business tool often used in marketing and by marketers. The marketing mix is important when trying to determine a product or brand 's offer, and is often identified with the four P’s which are; price, place, promotion and product (McCarthy, 1964). Kent (1986) describes the four P’s as “the holy quadruple...of the marketing faith...written in tablets of stone”. The four P’s can also be further developed into the seven P’s in service marketing, to approach the difference in the nature of services (Booms & Bitner, 1980). One of the main reasons why…show more content…
This item is a re-mouldable plate, that can be made into any shape that is coveted by the proprietor. Flexi-plate can be made into a dish, plate or even some place in the middle of, contingent upon what the proprietor will be eating, it can also be used in a dishwasher and microwave . The basic need for the product will be as a means to eat, but it can be used for decorative purposes, that is for it to be used as a serving platter or as a holding place for certain things such as fruit, therefore as a fruit bowl. Flexi-plate would be made using silicone and epoxy which are materials that can be remolded. It will be available to customers in two different sizes, the smaller pack will come with a bowl, two plates and a full set of cutlery, while the bigger pack will come with two bowls, two plates, two full sets of cutlery and two tumblers, which means it can be shared. As far as the target market is concerned it will likewise be a decent path for the clients to have spare space. (Isokpan, O Formative assignment 1). “Price is the amount of money charged for a product or service, or the sum of all the values that customers exchange for the benefits of having or using the product or service” (M+E lecture note 4). This is an important component of the ‘Marketing mix’ as it can help determine how much profit the seller will make. However, the amount of profit will also depend on the elasticity of the product. Therefore, the price should be set
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