...objectives. As there is much more to marketing than just advertising, “Marketing Mix” refers to a combination of many elements that a company can use to market its product. It essentially looks at everything an organization can do to ensure success in marketing of its product to consumers. The marketing mix is designated by the common phrase penned by Jerome McCarthy (1960) as, “The 4 P’s of Marketing.” The 4 main “P’s” are Product, Price, Place, and Promotion. They are the foundation to the marketing mix. However, in this day and age the marketing mix has extended to 3 more P’s. They are People, Process, and Physical Evidence (Packaging). Positioning is also sometimes known as one of the P’s in the marketing mix. According to Mullins et al (2005:201), it is the perception of a product by a consumer, relative to their needs and competing products and how the company in charge of this product, aims to achieve this mindset [pic] Figure 1: Adapted [online] The Times 100 business case study (A Mcdonald’s Restaurants Case study) As seen in Figure 1 above, all four components which are inextricably interrelated, features potentially infinite number of variables. These variables creates the marketing mix combination management usually sets as part of the objectives to realize its vision and mission for the company. Product Product is a key element in the overall market offering (Kotler & Amstrong 2011: 237). A product is anything that...
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