The term marketing mix earned the fame based on the concept published in the article The Concepts of the Marketing Mix, written in the year 1964. This is an article written by Neil H. Borden. Things started when the term came to be used in the late 1940s and this is the time when James Culliton described the manager to be the sort of mixture of the marketing ingredients in the real sense. These are ingredients including planning, product, branding, price, personal selling, distribution channels, packaging, advertising, promotions servicing, display, physical handling and analyzing of the various facts. The ingredients or the elements are grouped by E. Jerome McCarthy into the four different categories and this is now known as the four p’s in the genre of marketing.
The Four P’s
These are the four p’s which make up the marketing mix and this is the most notable among the several marketing terms. It comes with the basic elements and the tactical components create the kind of marketing plan. You have the four p’s and the marketing mix components are “products, place, promotions and price”. These are the four perfect elements responsible of creating the perfect mixture, and this is the most well known among all the marketing terms.
Making the Marketing Mix
These are four basic components creating the marketing mix and this can have a serious impact on the development and the progress of the company. This can make possible the marketing tactics and the strategies. The concept comes with the perfect simplicity. Marketing mix is the perfect dough where all the ingredients should be put in with the same measurement. All the four p’s are essential and based on the nature of the organization one is used more than the other. However, all are compulsory in the making of the mixture.
The Influence of the Four P’s
The larger section of the population will make use of the four p’s and only some will add the fourth one and that is people. There are others to add more to the concept of marketing mix and these are process and physical evidence. In the case, the organization that is created is the Londoner. This is the sort of the English pub and this can make a part of the service industry. Here is the paper describing the concept of marketing mix. The paper will also tell you regarding the impact of the four p’s and the influence of the same on the Londoner’s marketing tactics and strategies.
The Physical Product
Among the four p’s the first is the product as part of the marketing mix. This can be the physical product and the kind of service generally offered to the consumers. In matters of physical products, this can even refer to the conveniences and the services and these are part of the main offering. There are product decisions and these include various aspects like appearance, function, service, packaging, warranty and the rest. All of these fall within the concept of marketing mix.
Name and Identity of the Product
When you are thinking about the product as an integral part of marketing mix you are not really thinking about everything and anything that you can do in the preparation of the item and selling of the same. With any item however, the aim is to satisfy the needs of the consumer. When you are selling the product the name is perfectly required. With the name in mind the consumer can relate things perfectly and identify the real nature of the product. This is how the component becomes vital in matters of perfect marketing mix. The product is essential in the making of the final item.
Importance of Place in the Marketing Mixture
Place is the second most important aspect of the marketing mix. Place or the term placement refers to the various distribution channels and this is the way the items are sold to the targeted groups. The kind of distribution method will perform all the logistical, transactional, and the facilitating functionalities. There are distribution decisions to be taken in matters of the marketing mix. These will include the market coverage, the selection of the channel member, the levels of service and the logistics. Place is all about the location where the product should reach and get sold the right way.
The Price Factor
The third element to talk about in the marketing mix is the price factor. This refers to the price policy and not only the genuine cost of the product. The decisions regarding price should happen based on the profit margin, and the kind of price response of the competitors. Price factor in the marketing mix will include several things like the price list, financing, discounts and the perfect option of leasing. However, the price of the product is not the same in all places. It can change from one location to the other.
Low Price means More Profit
It is important to know when reading about marketing mix that price of a product can change based on the quality of the same. In most cases the price of an item is determined keeping in mind the standard and the affordability of the middle class. If the price of the item is kept low it will definitely help you earn the amount of profit. This is how price plays an important role in the sector of marketing mix. Good price of the item will bring in more business.
The Final Promotional P
The final component of marketing mix is promotion. Promotion includes sales, advertising and public relations. Promotion decisions are taken kin relation with selling things to the plausible clients and better level of communication. The costs can be big in promotion as part of the product price. Here, one can think about the break even analysis. In fact, in matters of marketing mix it is vital taking the promotional decisions. This can lead to the greater part of the selling of the commodities. The kind of decision will involve things like public relations, advertising, media types and the rest.