Marketing and the management of marketing focus on the planning and strategies used by marketers in today's business world. Marketing strategies focus on the target audience and are directly related to what we call the Marketing Mix. The purpose of this paper is to define and describe what the elements of the marketing mix are. We will also examine what the impacts of marketing mix are on a selected organization.
Marketing mix has been defined as "the controllable variables the company puts together to satisfy this target audience" (McCarthy, 2004). The marketing mix approach to marketing is a model of creating and implementing marketing strategies. The marketing mix stresses the mixing or blending of various factors in such a way that both organizational and consumer or target markets objectives are attained. The model was developed by Neil Borden in the year 1964. Bordon first started using the phrase back in 1949.
Borden claims the phrase came to him while reading James Culliton's description of the activities of a business executive. There are four basics components involved in the marketing mix. The four basic components are product, place, promotion, and price.
The first component of the marketing mix is the product which one wishes to market. The product section of the marketing mix deals with creating the right product for the designated target audience. This product may not always be a physical product. The product can be a service or even a set of causes. "The product of a political party is the set of causes it will work to achieve" (McCarthy, 2004). A good product makes its marketing by itself because it gives benefits to the customer. When marketing a product one needs to consider the differences between ones product or service compared to other similar products on the market.