Marketing Mix Mkt / 421 Uop

1102 words - 4 pages

Marketing MixSince the marketing mix paradigm was introduced by Borden in 1964 and honed to the 4Ps by McCarthy, marketing mix is an idea, which influenced as well as divided by the marketing professionals. The original theory was developed by Borden and later it was reduced to four basic elements: Product, Place, Promotion, and Price (Perreault, McCarthy, J. 2004 pg. 38). The theory is based on the consideration of the target market. Marketing professionals must recognize and understand the target market's wants and needs, and implement those essentials to create a marketing plan. Sociologist and psychologist long had worked to recognize the basic human needs. In 1943, Maslow proposed a theory, the hierarchy of needs, where he sets five levels of needs in a hierarchy. The concept says that every lower level of needs has to be met or satisfied in order to focus on the higher level of needs.McCarthy developed the 4Ps and the marketing mix from a marketer's perspective and the customer itself does not take part of the 4Ps. The customer is rather viewed as the target of the marketing efforts (Perreault, McCarthy, J. 2004 pg. 38).The product itself is the physical, tangible product or the service, which is offered to the customer. It also contains packaging, branding, warranties, appearance and developing and managing new product lines.The place refers to the distribution or any other means that serves as a purpose to getting the product to target customers. Since distribution channels are so complex, marketing managers have numerous different potentials to choose from.Promotion represents various aspect of decisions related to communicating and selling to the potential costumers. Sometimes promotion targets to keep the existing customers and sometimes it tries to acquire new customers. It involves advertising, publicity, and public relations.Price includes all the financial decisions to set the right price. It should consider the cost of the rest of the marketing mix, the profit margin, the competitors' possible response and mainly the target-market possible reaction. Price includes financing, leasing, discounts, and other term of sales.Meanwhile, the 4Ps concentrate on the marketing mix paradigm some critics see as a misused tool, which fails to consider the building of the shareholders' value in the long run. Doyle says to try to create a value for the shareholders only with building a brand and determines the market pricing according to the 4Ps is not enough; "It also means aligning sales objectives, prices and marketing spend to shareholder value creation rather than solely marketing criteria such as market share or consumer attitudes and awareness."(Doyle, P. 2001, pg 30)Not all companies' management is well aware of the marketing mix, but most of them apply some kind of marketing strategies. Rolladen Rolling Shutters is one of the companies where marketing plan is nonexistence, even though the owner/management tries to expand the market shares...

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