The Marketing Mix
BBM 305 PRESENTATION
EEBA AFSAR BBM 3rd SEM 097512
INTRODUCTION
Marketing as defined by many marketers as they start out in the industry is “Putting the right product in the right place, at the right price, at the right time.”
Therefore in simple terms you need to create a product that a particular group or groups of customers want, price it at a level which matches the value of the product as perceived by them, deliver it in a manner in which it reaches out to your customer and do all that at a time they want to buy.
But this process is very critical and requires a lot of hard work and a single mistake can lead to a big disaster, for example selling a fuel-economic car in a country where fuel is cheap. The marketing mix is a good place to start when you are thinking through your plans for a product or service, and it helps you avoid these kinds of mistake. The marketing mix helps you define the marketing elements for successfully positioning your market offer. The term "marketing mix" was first used in 1953 when Neil Borden, in his American Marketing Association presidential address, took the recipe idea one step further and coined the term "marketing-mix". A prominent marketer, E. Jerome McCarthy, proposed a 4 P classification in 1960, which has seen wide use.
Definition of marketing mix by the American Marketing Association: “The mix of controllable marketing variables that the firm uses to pursue the desired level of sales in the target market.” Thus marketing mix consists of the major controllable variables that the firm blends to produce the desired market response. Mix coherency refers to how well the components of the mix blend together. For e.g. a strategy of selling expensive luxury product in discount stores has poor coherency between distribution &
EEBA AFSAR BBM 3rd SEM 097512
INTRODUCTION
Marketing as defined by many marketers as they start out in the industry is “Putting the right product in the right place, at the right price, at the right time.”
Therefore in simple terms you need to create a product that a particular group or groups of customers want, price it at a level which matches the value of the product as perceived by them, deliver it in a manner in which it reaches out to your customer and do all that at a time they want to buy.
But this process is very critical and requires a lot of hard work and a single mistake can lead to a big disaster, for example selling a fuel-economic car in a country where fuel is cheap. The marketing mix is a good place to start when you are thinking through your plans for a product or service, and it helps you avoid these kinds of mistake. The marketing mix helps you define the marketing elements for successfully positioning your market offer. The term "marketing mix" was first used in 1953 when Neil Borden, in his American Marketing Association presidential address, took the recipe idea one step further and coined the term "marketing-mix". A prominent marketer, E. Jerome McCarthy, proposed a 4 P classification in 1960, which has seen wide use.
Definition of marketing mix by the American Marketing Association: “The mix of controllable marketing variables that the firm uses to pursue the desired level of sales in the target market.” Thus marketing mix consists of the major controllable variables that the firm blends to produce the desired market response. Mix coherency refers to how well the components of the mix blend together. For e.g. a strategy of selling expensive luxury product in discount stores has poor coherency between distribution &