Sunday, January 17, 2010

Marketing Mix

The term 'marketing mix' was first used in 1953 when Neil Borden, in his American Marketing Association presidential address, took the idea one step further and coined the term. A prominent marketer, E Jerome McCarthy, proposed a 4 P classification in 1960. Elements of the marketing mix are often referred to as 'the four Ps':

Product is a tangible object or intangible service.

Price is the amount a customer pays for the product.

Place represents the physical location of purchase.

Promotion represents all marketing communications such as advertising, public relations, word of mouth.

These Ps are affected by external forces and thus the latter should be carefully analyzed for successful marketing strategy implementation.