The Business Book

280

PRODUCT

PLACE

PRICE

PROMOTION

MARKETING MIX

T

he marketing mix concept

is a theoretical framework

designed to help businesses

plan, and put into practice, effective

strategies for launching and selling

their products and services. The

crystallization of goals helps define a

clear role for the marketer, separating

the marketing function from other

activities within a company.

Businesses need to consider a

number of factors when bringing

a product or service to the market.

They must make decisions about

aspects of the product (such as its

type), its place of distribution,

price, and promotion. These factors

are the “ingredients” that together

make up the “marketing mix” and

IN CONTEXT

FOCUS

Marketing strategy

KEY DATES

1910 Professor Ralph Butler

introduces the term

“marketing” in the title

of his university course.

1920s Marketing becomes

further established as a

recognized field of study.

1948 James Culliton identifies

the idea of the marketer as a

“mixer of ingredients.”

1953 Neil Borden coins the

phrase “marketing mix.”

1960 E. J. McCarthy sets out

the Four Ps as the ingredients

of the marketing mix.

1990 Robert Lauterborn

advocates the Four Cs in place

of the Four Ps.

2013 Philip Kotler keeps the

Four Ps alive, adding a fifth

P—Principle.