The Marketing Mix Essay

The marketing mix is the general phrase used to describe the different kinds of choices organisations have to make in the whole process of bringing a product or service to the market...

A product is anything that can be offered to the market to satisfy a customer needs and desires. Product include physical goods, services experiences, events, person, place and etc. It is

Product- A product is anything that can be offered to a market to satisfy a want or need, products include physical goods, services, experience, events, persons, places, properties organisations, information and ideas. It is therefore the combination of goods

According to an article from ‘Supply & Demand Chain Executive’ written by (DelMonte, 2007) states what is the marketing mix: “is putting the right product in the right place, at the right price, at the right time.’ The marketing mix is an implement which is needed and it is much utilized in today’s working industries for managers to evaluate business targets such as sales and company’s profits, and also to assist in order to meet consumer needs effectively. It purposes is to satisfy the customer as well as the seller by using the marketing mix tool. The marketing is known as the ‘4Ps’, and it is made up of: place, product, promotion and price.

The marketing mix is a combination of 4 P’s (product, price, place and promotion) that should be used in conjunction with each other to ensure a competitive edge over other companies. ‘The marketing mix is designed to produce mutually satisfying exchanges with a target market’.

Marketing mix can be describes as "the use and specification of the 4 Ps describing the strategic position of a product in the marketplace… A prominent person to take centre stage was E. Jerome McCarthy in 1960; he proposed a four-P classification which was popularized. (wikipedia.com)" The marketing mix approach to marketing is a model of creating and implementing market strategies. The marketing mix stresses the mixing of different factors in a way that both organizational and consumer or target markets objectives are attained. The 4 Ps of marketing are Product, Place, Promotion and Price. Each plays a key factor in the overall successful marketing of a product or service.

The product is the physical product or service offered to the consumer. In the case of physical products, it also refers to any services or conveniences that are part of the offering. Product decisions include aspects such as function, appearance, packaging, service, warranty, etc.

A product can be a good, an idea or a service which is offered to a target market to satisfy a particular need or want (Jobber and Lancaster, 2012). Sunset Corporation’s product is a water park.

According to Prof. Philip Kotler - "Product is anything that can be offered to someone to satisfy need or want". In this way, the physical goods, services, and all the things that can satisfy needs and wants are all products.

The marketing mix a device created by E. Jerome McCarthy in 1960 to help businesses and marketers to set a product or brands advertising and it depends on 4 P's –Products-Price-Place-Promotion, usually marketing mix depends on four factors which are:

According to Kotler and Armstrong (2012), product is defined as something that is offered to the market for attention, acquisition, use or consumption that may satisfy a person's wants or needs. Products can be physical goods like mobile phones, books or computers. It could be intangible goods as well such as services, events, ideas, organizations or places. Kotler and Armstrong (2012) further explained that products are the primary element in the overall market offering as it is the first step in marketing-mix planning, and that is to develop an offering that can create values to target market and build profitable customer relationships.

The term marketing mix was first coined in 1940s that described the four strategies a company should take in consideration while marketing a product. Later on, a need arose to develop a marketing mix for how the services will be marketed. This change arrived because services are intangible and perishable in nature. Hence, marketers needed to extend the marketing mix or the strategies that should be considered in service markets. The extended marketing mix (7Ps) includes three more Ps – People, physical evidence, and process.

Product – Product can be defined as the goods or services which is made to fulfil customer’s demands and needs. While making the product company should take care about its quality and features must be according to the customer’s needs to satisfy them.

Third, the place component relies on the availability of selling points in accessible locations in relation to the potential customer base. The availability of the product in prominent department stores and franchises contribute to the marketing of the product in this approach. Last, the promotion component represents the means a marketer may use to increase the product awareness to the targeted customers through methods like advertising, packaging, and sales pitches. "The term 'marketing mix' was coined in the early 1950s by Neil Borden in his American Marketing Association presidential address" (Kar, 2011), announcing the 4-Ps approach to marketing's dominance and setting it as a framework for marketers for decades.

Generally, marketing mix is executed by using the four P’s are product, price, promotion, and place. Companies use this marketing mix to develop a required response from their target market because which is the manageable and calculated marketing tool. The marketing mix contains all the elements necessary for an organization to control the demands for their product or service. Marketing strategies and implementation can also do by marketing