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The Essentials of Marketing Mix - Essay Example
Author : soberbrunner
Pages 8 (2008 words)
The Essentials of Marketing Mix Introduction Marketing strategies today have tremendously varied from that of olden days. The traditional marketing was seller oriented; whereas, the modern marketers give more focus on the ultimate customers because they hold that customers are the prime beneficiaries of marketing services…
Therefore, the marketing mix for each of these product categories also needs to be different. It seems that marketers use different marketing mix strategies even for goods under the same product category. This paper will analyse the marketing mix strategies of two existing brands that market luxury goods. Theoretical Concepts of the Marketing Mix Elements The term ‘marketing mix’ was firstly used by Neil Borden in 1953. The theory of marketing mix contains four main elements called 4 P’s of marketing; product, price, place, and promotion. These four elements constitute the entire promotional campaign; and “when these are effectively blended, they form a marketing program that provides want-satisfying goods and services to the company’s market (Spiro, Stanton, and Rich, 2003, p.10). The term marketing mix reflects a broader concept that includes several marketing aspects which all work toward a similar objective of creating awareness and customer loyalty. Every firm considers marketing mix as a vital strategy as the elements of marketing mix play a significant role in each stage of product life cycle. In the modern days, ‘people’ is added as the 5th P to the marketing mix elements in order to represent the target people. The 4 P’s of marketing are briefly described below. 1. ...