What ‘Marketing mix’ conveys in modern marketing theory? Explain in short.
Marketing mix is actually quite an old term. Based on earlier ideas, it was coined in 1953 by Neil Borden. It is the idea that a company’s marketing strategy is based on a mix of promotional packaging. In 1960 the idea was simplified to the four Ps of product, price, promotion and place and later replaced by the more customer-centered four C’s of consumer, cost, communication/convenience and culture.
THE FOUR P’S
Product What a company sells.
Price Strategic pricing of product.
Promotion How a product is advertised and marketed.
Place Where a product is sold.
THE FOUR C’S
Consumer Who buys the product and who it is marketed to.
Cost Price based on consumer’s perspective.
Communication and convenience How the customer finds out about the product and how easy it is to get.
Culture The culture where the product is sold.