Marketing Mix Essay

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Marketing Mix MKT/421 January 6,2014 Marketing Mix The term “marketing mix” dates all the way back to the 1960 – 1970s. Neil Borden first coined this term in 1953, and constructed this terminology from James Culliton’s analogy of the marketing procedure being compared to a “mix of ingredients” (NetMBA, 2010). The term is used all the time when the topic of marketing is brought up. The marketing mix consists of 4 ingredients; often referred as the four P’s (this phrase is interchangeable with the phrase “marketing mix”). Culliton’s analogy was a perfect way to describe the components a marketing plan. The ingredients of a marketing mix can be thought as the ingredients of a cake; all of the ingredients are necessary for the cake to be tasty (successful). However, if too much or too less of some ingredient(s) is/are included, then the cake will be ruined. One can tweak the formula for the cake specifically to enhance the taste of the cake in certain aspects (sweetness, flavor, frosting, etc.). This same concept can be applied directly into marketing; the same actions that one can take and the results in the cake scenario directly correlate to the results of the marketing plan. The four P’s of the marketing mix are price, place, product, and promotion. Each component has its importance, and it is utterly important that all of the components are given equal and abundant importance. The customer is the most important part of the marketing strategy but it isn’t included in the marketing mix because all of the components are geared towards the target that is the person. The product component of the marketing mix focuses on tangible and intangible goods and services respectively that are produced by a company. The product component of the marketing mix incorporates the actual product or service, the customer service over it such as warranty, repairs, etc., the

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