Marketing mix

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The marketing mix is a business tool used in marketing products. The marketing mix is often crucial when determining a product or brand's unique selling point (the unique quality that differentiates a product from its competitors), and is often synonymous with the 'four Ps': 'price', 'product', 'promotion', and 'place'. However, in recent times, the 'four Ps' have been expanded to the 'seven Ps' with the addition of 'process', 'physical evidence' and 'people'. Recently, 'four Cs' theory is also in the limelight.


History

The term "Export marketing mix" was coined in 1953 by Neil Borden in his American Marketing Association presidential address. However, this was actually a reformulation of an earlier idea by his associate, James Culliton, who in 1948 described the role of the marketing manager as a "mixer of ingredients", who sometimes follows recipes prepared by others, sometimes prepares his own recipe as he goes along, sometimes adapts a recipe from immediately available ingredients, and at other times invents new ingredients no one else has tried.


The term became popular in the article written by Neil Borden called “The Concept of the Marketing Mix.” He started teaching the term after he learned about it with an associate.


The prominent marketer, E. Jerome McCarthy, proposed a Four 'P's classification in 1960, which has since been widely used by marketers throughout the world. Since consumerism appeared late in the 1960s, Four 'C's theory has been proposed in Japan (1973) and the United States (1993).


References:

1.http://en.wikipedia.org/wiki/Marketing_mix


External Links:

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