Understanding the 4C’sThe traditional 4P’s marketing mix was developed from the point of view of the organization. Each of the marketing mix elements relates to something that the firm needs to do to be successful in the marketplace.For example, they need to develop a range of products to sell, they then need to set an […]
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The marketing mix has been a fundamental concept of marketing textbooks the past 50 years or more. This article explores the benefits and the role of the marketing mix in both the study and the practice of marketing.
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The extended marketing mix for services (the 7P’s)Services marketing emerged primarily in the 1980s, as more developed economies became more reliant on services as part of their overall gross domestic product. (Please see the article on service firm examples to have better sense of types of industries that need to operate under the 7P’s.)It was
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Some definitions of marketingThere are several formal definitions of marketing and hundreds of informal definitions of this concept, but the simplest way to define marketing is: to satisfy customers’ needs in a profitable manner for the organization.According to the American Marketing Association, marketing is:“the activity, set of institutions and processes for creating, communicating, delivering and
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The American Marketing Association’s Definition of Marketing ExplainedProbably the best definition of marketing to consider is the one that is published by the American Marketing Association. Although many textbooks will have their own variation of the definition of marketing, the American Marketing Association is really the peak body for marketing practitioners, and therefore reflects current
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The 12 Component Marketing MixNeil Borden, of the Harvard Business School, was the first to document the concept of a marketing mix, way back in the 1950s. At that stage, the marketing profession was still considered to be art, not science, and in his paper, it compared a marketer to a chef in a restaurant
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What is the traditional marketing mix?E. J. McCarthy, in 1960, classified the marketing activities into a tool designed to describe the 4 types of choices an organization has to make in order to successfully be engaged in marketing. His classification was a simplification of Borden’s initial 12 component marketing mix.This classification is also known as
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Overview of the 4P’s Marketing MixA key model in marketing is the marketing mix, usually known as the 4P’s (where the 4P’s are product, price, place and promotion). The 4P’s marketing mix model is commonly covered in all marketing textbooks, with some introductory texts also addressing the expanded marketing mix (the 7P’s), which is more
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Understanding Benefits and FeaturesConsumers buy product solutions – that is, the benefits of the product or service – for their need/problem.Consumers are generally more interested in meeting their needs and solving their problems, rather than the details of the product features.For example, what do you think consumers would care about more; whether there is an
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What is Customer Value?Customer value is a key topic in the study of marketing. But what is meant by customer value? It varies by customer, so let’s look at a few examples of how consumers see value. In each case the consumer’s statement gives some insight into how they assess value.As you will see, value
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