Marketing Mix

Marketing mix

"4 P's" redirects here. For other uses, see 4P.

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The term "marketing-mix" was first coined by Neil Borden, the president of the American Marketing Association in 1953. It is still used today to make important decisions that lead to the execution of a marketing plan. The various approaches that are used have evolved over time, especially with the increased use of technology.[1]

The marketing mix is a business tool used in marketing and by marketers. The marketing mix is often crucial when determining a product or brand's offer, and is often associated with the four Ps: price, product, promotion, and place.[2] In service marketing, however, the four Ps are expanded to the seven Ps[3] or Seven Ps to address the different nature of services.

In the 1990s, the concept of four C's was introduced as a more customer-driven replacement of four P's.[4] There are two theories based on four Cs: Lauterborn's four Cs (consumer, cost, communication, convenience), and Shimizu's four Cs (commodity, cost, communication, channel).

In 2012, a new four P's theory was proposed with people, processes, programs, and performance.[5]

Contents

* 1 History

* 2 McCarthy's four Ps

* 3 Lauterborn's four Cs

* 4 Four Cs: in the 7Cs Compass Model

* 5 Ps changing with digital age

* 6 See also

* 7 References

* 8 External links

History

In his paper "The Concept of the Marketing Mix", Neil Borden reconstructed the history of the term "marketing mix".[6][7] He started teaching the term after an associate, James Culliton, described the role of the marketing manager in 1948 as a "mixer of ingredients"; one who sometimes follows recipes prepared by others, sometimes prepares his own recipe as he goes...