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Marketing Mix
P-BSBMX4-MKT-421
Robert Deer
January 28, 2006
Abstract
A Marketing Mix is a combination of product, packaging, price, channels of distribution, advertising, promotion, and personal selling to get the product in the hands of the customer. Throughout this paper we will be discussing the 4 P's of Marketing and provide examples of Marketing Mix. (Kyle, Bobette).
Marketing Mix
The Marketing Mix is based on the fact that price is not the only factor that decides whether customers will buy from you or not. In fact, in some cases people never buy the cheapest! Do you know anyone who has taken 3 quotes and then decided to employ, or buy, from the middle priced quote. The error many new businesses make is to assume that if they are cheaper than the competition then customers will buy, which is not necessarily so. (Net MBA).
For many new businesses it is often better to consider an equal, or higher, price than the competition. Then, if you decide to lower the price, your existing customers will be happy, whereas if you charge too little and have to raise the price, your existing customers may leave you! So let's look at the factors that influence them to buy. There are five elements of your product, or service, that influence customers when they are deciding whether, or not, to buy. (Fast Link Solutions, 2000).
In 1964, Neil H. Borden published an article called, "The concept of the Marketing Mix", which began the start of the 4 P's such as, product planning, pricing, branding, Personal selling, advertising promotions, packaging, display and physical handling and service. E. Jerome McCarthy, grouped these into four categories ...