The president of the American Marketing Association (Neil Borden) in the year 1953 coined the term, marketing-mix.
The term, marketing mix was coined in order to ease the process of executing marketing plans. The rhyme (Ps) makes it even easier for marketers and business owners to remember the marketing mix which in turn makes its application easier after the marketing plans.
The earlier known elements of the marketing mix were known as 4P`s (products, Price, Promotion, Place). In recent time however, some marketers have expanded the mix to 7P`s (Products, Price, Promotion, Place, Packaging, Positioning and People). So we now have 4P`s of marketing and 7 P`s of marketing.
Let`s go into these one after another.
- Product. As a business owner or marker, you have to make sure you learn how to look at your product or service from the “outside eye”.
You must be able to see your product or service the way an outsider will see it, if not, you cannot have a right assessment of how your market perceive what you`re offering.
To succeed in your marketing effort, you have to offer the right product/service to the right market.
Just as a round peg doesn`t fit the square hole, no matter how good your product/service is, it needs a certain market to flourish.
As part of your marketing strategies, you have to ask yourself some good questions: is this product/service in the right market? Am I trying to sell what I am selling to people who need it (and are willing to pay for it)?
Sometimes the product/service you`re offering is very good, but the market (customers) you`re trying to sell to don`t value it or are not willing to pay the amount you have to sell it to make it profitable. Then, such a product/service is not right for the people.
Then, there is a need for change in your marketing strategy.
- Price. The second element in the marketing mix is price.
Pricing is very important to your marketing effort because how much people buy what you`re selling determines your profit and success as a business person.
Just like the first element, price has to fit the market.
Even if you`re offering the right product to the right market, but at the wrong price, you will still not go far.