was first used in 1953 when Neil Borden, in his American Marketing Association presidential address, took the recipe idea one step further and coined the term “marketing-mix”.
The term ‘marketing mix’ was first used in ____ when Neil Borden, in his American Marketing Association presidential address, took the recipe idea one step further and coined the term “marketing-mix”.
The term ‘marketing mix’ was first used in 1953 when _______, in his American Marketing Association presidential address, took the recipe idea one step further and coined the term “marketing-mix”.
American Marketing Association
The term ‘marketing mix’ was first used in 1953 when Neil Borden, in his __________________ presidential address, took the recipe idea one step further and coined the term “marketing-mix”.
E. Jerome McCarthy
A prominent marketer, ______________, proposed a 4 P’s classification in 1960, which has seen wide use.
4 P’s classification
A prominent marketer, E. Jerome McCarthy, proposed a ___________ in 1960, which has seen wide use.
A prominent marketer, E. Jerome McCarthy, proposed a 4 P’s classification in _____, which has seen wide use.
McCarthy classified all these marketing tools under four broad categories:
All marketing decision-making can be classified into four strategy elements, sometimes referred to as the marketing mix or the four P’s.
What are the benefits of this product and service to its customers?
Should a price be charged to cover costs only? Should the price allow for a profit?
What can be done to make this product and service more accessible and available?
What can be done to increase the visibility of this product and service?
What can be done to increase its usage or exposure?
Value perceived in the mind of the consumer
Cover location, distribution, channels and logistics
Collection of features and benefits that provide customer satisfaction
is the actual offering by the company to its targeted customers which also includes value added stuff
may be tangible (goods) or intangible (services).
includes the pricing strategy of the company for its products.
How much customer should pay for a product?
is not only related to the profit margins but also helps in finding target customers.
also influence the choice of marketing channels.
Pricing Strategy (Penetration, Skim, etc)
Price decisions include: (6)
It not only includes the place where the product is placed, all those activities performed by the company to ensure the availability of the product tot he targeted customers.
Availability of the product at the right place, at the right time and in the right quantity is crucial in placement decisions.
Selection of channel members
Placement decisions include: (7)
wholesalers, agents, retailers, the Internet, overseas distributors, direct marketing (from manufacturer to user without an intermediary), and many others.
There are many types of intermediaries such as (7)
relate to distribution, how the library plans to make products and services available and accessible to customers.
adds value by making services available at convenient times and locations; by creating a pleasant environment in terms of location size, lighting, staff; by allowing for multiple types of distribution: Electronic, mail or walk-in
Place and distribution
are ways to differentiate your services, making them more responsive to your customers’ needs.
includes all communication and selling activities to pursuade future prospects to buy the product.
Promotion decisions include: (9)
As these costs are huge as compared to product price, So it’s good to perform a break-even analysis before allocating the budget. It helps in determining whether the new customers are worth of promotion cost or not.
The elements of the promotions mix
are integrated to form a coherent campaign.
is the key to any promotional program.
also saves you money in the long run.
Marketing mix (4 P’s)
was more useful in early 19’s when production concept was in and physical products were in larger proportion.
People, Packaging, Process
New addition to 4 P’s
10% Allocated to:
90% Allocated to Promotion:
Packaged Goods Conceptof 5 P’s of Marketing
50% Allocated to Product
25% Allocated to Price:
8% Allocated to Packaging:
Total Ownership Experience
8% Allocated to Place:
8% Allocated to Promotion
Automotive Concept of 5 P’s of Marketing
Globalization of Competition
Revolution in Technology
Revolution in Management
Revolution in Economy
NATURE of REVOLUTION (4)
New 5 P’s of Marketing (Tom Patty, 2010)
A statement or proposition which, on the face of it, seems self-contradictory, absurd, or at variance with common sense. Though, upon investigation or when explained, it may prove to be well founded or essentially true.’
Exploit the differentiation
Create unique identity
‘first of something’
Use the paradox to become the
The relation or proportion in which the parts of a subject are viewed by the mind.’
– What consumer need does my product or service satisfy?
– How does it satisfy differently and better than competitors?
How To Master Perspective (2)
‘A pattern example, a model way of doing things.
Identify the proper paradigm and position yourself accordingly.
How To Master Paradigm
Advertising Paradigms (2)
Communicate product features & benefits
Communicate who & what you are
‘To induce someone to think or do something
Credibility of the Speaker
Content of the Message
Involvement of the Audience
Elements of Persuasion (3)
‘An eager outreaching of the mind towards something.’
‘An aim or object pursued with zeal or enthusiasm