Marketing Mix
Since the marketing mix paradigm was introduced by Borden in 1964 and honed to the 4Ps by McCarthy, marketing mix is an idea, which influenced as well as divided by the marketing professionals. The original theory was developed by Borden and later it was reduced to four basic elements: Product, Place, Promotion, and Price (Perreault, McCarthy, J. 2004 pg. 38). The theory is based on the consideration of the target market. Marketing professionals must recognize and understand the target market's wants and needs, and implement those essentials to create a marketing plan. Sociologist and psychologist long had worked to recognize the basic human needs. In 1943, Maslow proposed a theory, the hierarchy of needs, where he sets five levels of needs in a hierarchy. The concept says that every lower level of needs has to be met or satisfied in order to focus on the higher level of needs.
Deutsch: Klassischer Marketing-Mix Franzika eines ...
English: Representation of a Marketing-Mix with th...
TYRONNE MCCARTHYMcCarthy developed the 4Ps and the marketing mix from a marketer's perspective and the customer itself does not take part of the 4Ps. The customer is rather viewed as the target of the marketing efforts (Perreault, McCarthy, J. 2004 pg. 38).
The product itself is the physical, tangible product or the service, which is offered to the customer. It also contains packaging, branding, warranties, appearance and developing and managing new product lines.
The place refers to the distribution or any other means that serves as a purpose to getting the product to target customers. Since distribution channels are so complex, marketing managers have numerous different potentials to choose from.
Promotion represents various aspect of decisions related to communicating and selling to the potential costumers. Sometimes promotion targets to keep the existing customers and sometimes it tries to acquire new customers. It involves advertising, publicity, and public relations.
Price includes...