Principles of Marketing - Marketing Mix

Flashcards for reviewing the marketing mix concepts, including the 4Ps and additional components.

Marketing Mix

The combination of strategies and tools used by a company to promote and sell its products or services effectively.

Product (Marketing Mix)

The goods or services offered by a company, focusing on its features, quality, and how it satisfies consumer demands.

Price (Marketing Mix)

The cost consumers pay for the product, involving strategies to set competitive pricing while maintaining profitability.

Place (Marketing Mix)

How and where the product is distributed to reach the target audience, ensuring accessibility.

Promotion (Marketing Mix)

The communication strategies, such as advertising and public relations, used to create awareness and persuade potential customers to make a purchase.

People (Additional P)

The human resources or employees of an organisation who perform a service for the customer.

Process (Additional P)

The system used by the organization so as to deliver service to the customer.

Physical Evidence (Additional P)

The external factors or surroundings which aid the customer in making a judgement about the company.

Neil H. Borden

Coined the term 'Marketing Mix' and identified ingredients such as product planning, branding, and distribution channels.

E. Jerome McCarthy

Categorized the marketing mix ingredients into the universally recognized 4 Ps of marketing – Product, Price, Place, and Promotion.

Boom and Bitner

Contributed to the marketing mix by adding an additional 3 Ps: People, Process, and Physical Evidence.

Convenience Products

Items that are frequently purchased with minimal effort, such as toothpaste or snacks.

Shopping Products

Items that consumers spend more time comparing before purchase, such as clothing, electronics, or furniture.

Specialty Products

High-end, unique products that customers are willing to make a special effort to purchase, like luxury cars or designer clothing.

Unsought Products

Goods that customers do not think of buying or may not know about until the need arises, such as life insurance or emergency repair services.

Distribution Channels

The sub-marketers or intermediaries who distribute the company’s products.