Marketing mix

Marketing mix Essay example
Masters
Essay
Marketing
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The concept of marketing mix (MM) introduced by Neil Borden in 1953 referred to the mixture of elements useful in pursuing a certain market response (Waterschoot and Bulte 1992). The elements or the 4Ps were subsequently added by McCarthy and since then MM is considered an important tool for marketing managers…

Introduction

All these suggest that the concept of marketing mix has evolved over time as the 4Ps were initially based on the production and supply context of the 1950s (Kent and Brown 2006). The model now encompasses aspects of sociology and cognitive psychology (Hakansson and Waluszewski 2005 cited in Kent and Brown 2006). Without marketing mix capability other concepts such as customer orientation, competitor orientation and inter-functional coordination would not be able to contribute to better firm performance, suggests Shin (2012) thereby highlighting the significance of MM concept in the field of marketing. However, scholars do not agree on the ingredients of the marketing mix. Some authors such as Borden (1964), Frey (1956), and Staudt and Taylor (1965) consider the elements as procedures, policies and processes, while others look at these elements as tools, parameters or instruments (cited by Waterschoot and Bulte 1992). This concept has been criticized as it lacks any specific explanation of characteristics, thereby suggesting that the concept has a major flaw. The elements of marketing mix do not lead to any theory development. Gronroos (1989) postulates that the marketing mix artificially limits the scope of marketing management as the concept suggests that marketing decisions can be taken based on the 4 Ps (cited by Bitner 1991). ...
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