The Marketing Mix (The 4 P's of Marketing) Marketing decisions generally fall into the following four controllable categories: • Product • Price • Place (distribution) • Promotion The term "marketing mix" became popularized after Neil H. Borden published his 1964 article, The Concept of the Marketing Mix. Borden began using the term in his teaching in the late 1940's after James Culliton had described the marketing manager as a "mixer of ingredients". The ingredients in Borden's marketing
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the company uses marketing as a means to attract the consumer to the service which it provides. Marketing as defined by Boone and Kurtz suggest the following; "Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services, organizations, and events to create and maintain relationships that will satisfy individual and organizational objectives” (http://iws.ohiolink.edu/moti/homedefinition.html). The American Marketing Association also
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Nowadays the term marketing is regarded as a synonym for advertising. But is marketing really primarily advertising or rather can it be defined in such a simple way? Finding the one right definition of marketing is not possible as this term can be defined in many different ways. A widely spread and common definition says that marketing is „the all-embracing function that links the business with customer needs and wants in order to get the right product to the right place at the right time”. This
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Marketing Channels and Supply Chain Management Chapter Objectives • Explain why companies use distribution channels and discuss the functions these channels perform. • Discuss how channel members interact and how they organize to perform the work of the channel. • Identify the major channel alternatives open to a company. • Explain how companies select, motivate, and evaluate channel members. • Discuss the nature and importance of marketing logistics and integrated supply chain management
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commodity approach of marketing is related to demand and supply of commodity. This approach is also related to channel of distribution and transportation. So, this approach establishes marketing system for products. It finds out necessary principle, strategy and technology for marketing goods and services. The commodity approach of marketing is practiced mostly in agricultural products, in cotton, jute, wheat, etc. 2. Functional Approach Functional approach of marketing indicates the study of
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Marketing Channels and Supply Chain Management Chapter Objectives • Explain why companies use distribution channels and discuss the functions these channels perform. • Discuss how channel members interact and how they organize to perform the work of the channel. • Identify the major channel alternatives open to a company. • Explain how companies select, motivate, and evaluate channel members. • Discuss the nature and importance of marketing logistics and integrated supply chain management
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ingredients which a marketing manager must mix together when optimising a limited amount of resources. What is the best mix? A marketing manager has to juggle resources and decide on the best marketing mix. Should money be spent or forfeited on: reduced prices? Improved products? New delivery trucks? Or maybe invest all your money in a high risk TV advertising campaign? Did you recognise the 4 Ps just there? In 1960 Jerome McCarthey presented the 4 Ps to the world. Since then marketing managers around
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Robert (1976) “The History of Marketing Thought,” 2 ed., pp.1-33, 123-243, Chapters 1,2,3,4,9,10,11,12,13,14. Chapter 1: The Meaning of Marketing The establishment of a market economy wrought marked changes in the social and economic structure. A new attitude toward business revolutionized the economy of the country and that revolutionary element was identified by the term ‘marketing.’ Historical accounts of trade lead one to conclude that marketing has always existed. Was the original
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advantage………………………………………………………2 How distribution is arranged to provide customer convenience………………………………………………………3 How price are set to reflect an organisation’s objectives and market conditions…………………………….4 Analyse the additional elements of extended marketing mix……………………………………………………………5-6 Show how and why international marketing differ from domestic marketing……………………………………7-8 How promotional activities is intergrated to achieve marketing objectives……………………………………….9 Plan marketing mixes for two different
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Marketing mix Kotler defined that marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering, and exchanging products and services of value freely with others. (Kotler, 2002) McCarthy’s Four Ps A marketing expert named E. Jerome McCarthy created the Marketing Four Ps in the 1960s. This classification has been used throughout the world. Business schools teach this concept in basic marketing classes. The marketing four Ps are also
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