Marketing Mix Essay Example - Free Essays, Term Papers.
The four P’s of marketing are product, price, place, and promotion. These factors are widely used by marketing managers to implement marketing decisions. Many in the field of business have questioned whether the four P’s have outlived their use and there is now need for an alternative.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. Product”Although this typically refers to a physical product, it has been expanded to include services offered by a service organization.The Marketing Mix “4Ps” theory was born in United States, with the proposing of marketing mix theory (Christian G., 1997). In 1953, Neil Borden created marketing mix which means that the market demanding is more or less largely replying on the marketing variables or selling factor.
A marketing mix comprises of a bunch of tools, tactics or actions that a company might use to introduce and promote its product or brand. The 4 Ps of marketing is made up of: However, because of the increasing demands of the field, there’s been an introduction of 7 Ps of marketing which also includes components such as people, positioning.Marketing strategies are a main back bone to any business. There are 4 Ps governs the whole marketing strategy and those 4 Ps of marketing are Product, Price, Promotion and Positioning. These 4 P’s of marketing will evaluate your strategy as weak or strong.
The original 4 P’s of the marketing mix withstand the test of time. There is one common trait to all classic things - they never get old or obsolete. So, even with all the changes that technology has brought us, the 80 year concept of The 4 P’s of marketing mix are still relevant and applicable today.
