Marketing Mix

8908 words 36 pages
Marketing Mix Decisions

IE 153—WSWX

Marketing Mix
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 mix included product The Marketing Mix planning, pricing, branding, distribution channels, personal selling, Source: http://www.quickmba.com/marketing/mix/ advertising, promotions, packaging, display, servicing, physical handling, and fact finding and analysis. E. Jerome McCarthy later grouped these ingrediThe 4 P’s of Marketing ents into the four categories that today are known
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Business services—maintenance and repair sercharacteristically compares on such bases as suitability, vices (e.g. computer repair) and business advisory quality, price, and style services (e.g. legal and management consulting) a. Homogenous — buyer sees products as similar in quality but different enough in price to justify Sources: Armstrong, Gary and Kotler, Philip. Principles of Marketing, 7th Edition. shopping comparisons (e.g. clothing) Prentice-Hall International, Inc. 1996 b. Heterogenous — customers find product features Go, Josiah. “Fundamentals of Marketing in the Philippine Setting”. Design Plus. more important than price. Philippines: 2005. 4. Specialty products – consumer products with unique

Individual Product Decisions

Source: Armstrong, Gary and Kotler, Philip. Principles of Marketing, 7th Edition. Prentice-Hall International, Inc. 1996

IE 153—WSWX

Page 3

Product Strategy
Individual Product Decisions (cont…)
Product Attributes Product Quality – the ability of a product to perform its functions; it includes the product’s overall durability, reliability, precision, ease of operation and repair, and other valued attributes Product Features – a competitive tool for differentiating the company’s product from competitors’ products Brand Name Selection: a good name can add greatly to a Product Design – the process of designing a product’s style

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