Marketing Mix

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Category: Business and Industry

Date Submitted: 02/08/2011 03:51 PM

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Nowadays, the world is changing fast. Based on the globalization, new products and technologies urge in the markets. Business is becoming a strong competition and the role of marketing, particularly the marketing mix, is more important than ever before.

This Essay will show a critically analyse about the Marketing Mix and if it is appropriate in modern times.

When we think about marketing one statement comes to our minds ´putting the right product in the right place, at the right price, at the right time.´

This leads us directly to one of the core theory’s, the marketing mix. The first concept of the marketing mix was developed in 1950 by Neil H. Borden and coined by McCarthy in 1960. Today known as the 4 P´s figured as the following chart.

As you can see in this chart McCarthy tried to ´translate´ the complex marketing world into an easy understandable concept.

The first point in the marketing mix is the product, which include development of new products, product management, product features, the branding, packaging and the after-sales service.

The second point is the price. Here is the focus especially on the costs, the value for money and competitiveness as well as the incentives.

The next point in the marketing mix is the place. It is a matter of how to get access to target markets, channel structure and management, retailer image just as logistics.

Last but not least the promotion. It is about developing communication mixes. In addition are also the advertising management, the sales promotion management and the sales management and the public relations management just like the direct marketing important points.