Marketing, the Marketing Mix (4p’s), and the Nine P’s

1684 WordsJun 16, 20127 Pages
Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services to create exchanges that satisfy individual and organizational goals. (Kotler, Keller, ‘05) Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others. (Kotler) Marketing is getting the right product or service to the right people (target market), at the right time, at the right place, at the right price with the right communications and promotion. Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that…show more content…
• A product is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need. (Kotler) • A service is any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything. (Kotler) • “Product” includes packaging, as a subset of the total offering. Brand managers use packaging as a badge, enhancing the product’s value. Here’s an example: In fall 2008, McDonald 's scrapped and changed its package design across 118 countries, 56 languages. Packaging can increase the perceptions about the quality of the product. • A Product or service also should have Purpose, which is discovering the product’s real value, use, difference, reason, or function for the consumer and user. Price: All aspects regarding pricing. The price consumers are willing to pay. Retail price/wholesale, discounts, trade-in allowances, quantity discounts, credit terms, sales and payment periods. Promotion: The communication element includes personal and non-personal communication activities. Activities that communicate the merits of the overall product, which includes: • Personal Selling/ Sales Force • Advertising--Mass or nonpersonal selling: TV, radio, magazines, newspaper, outdoor/out-of-home Advertising is structured and composed non personal communication of information, usually

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