Essays on The Evolution of the Marketing Mix Concept Literature review

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The paper “ The Evolution of the Marketing Mix Concept“ is an exciting variant of literature review on marketing. Marketing as a discipline has continually evolved over the years. One concept that has changed over the years is the marketing mix. The marketing mix is a term used to refer to the areas or activities that a business should focus on in a bid to promote its products or brand in the market. Kumar (2013 p. 46) describes a marketing mix as the controllable marketing variables a firm utilizes to pursue the sought level of sales in the target market.

He adds that a marketing mix is the outcome of an entity’ s philosophy and mission statement as well as the final delivery of the company’ s offering to the marketplace initially, the marketing mix was made up of 4Ps, namely product, price, place, and promotion. However, the 4 Ps were extended later to make 7 Ps, the three new components being people, physical evidence, and process. The 4 PsThe original development of the marketing mix is attributed to Professor Neil Borden of Harvard University. His marketing mix included six elements, namely pricing, product, planning, distribution, promotion, market research and servicing (Mills & Law 2013, p. 119).

The elements were later reduced to 4 by Canadian author Jerome McCarthy. The four elements were named the 4 Ps and include product, price, place, and promotion (Kumar 2013, p. 46). ProductThis refers to a set of attributes assembled in an identifiable form. They include both the intangible and tangible value that an organization offers customers for their money. Products also come with supporting components that include warranty and packaging (Barker & Angelopulo 2005, p. 139).

These supporting parts add more value to the product, ensuring that consumers prefer one product over another competing product. Products often come with emotional components attached. These components include status, security, self-esteem, convenience, and loyalty. According to Barker and Angelopulo (2005, p. 139), every other marketer starts, at least, with a basic conceptualization of a product that a certain number or category of consumers will find attractive. As such, product offering forms the basis of a business entity and its strategy. Failure to offer a product that will attract the interest of a sizeable number of consumers often results in a business incurring losses and closing down at the end.

The long-term financial success of a business is also strongly influenced by the strategy the said entity decides to adopt for its products. Barker and Angelopulo (2005, p. 139) points out that, for a product offering to be successful, an organization should adopt a product-market strategy. Under this strategy, a firm should identify the components of the marketing mix that best enhances the attractiveness of its products.

Other key factors that businesses should consider when offering its products include sales trends, the needs of target customers as well as the competitor’ s products. PriceThis refers to the exchange value of a product or service. According to Kumar (p. 47), price is always expressed in terms of money and it must correspond to the customer’ s perception of value. Barker and Angelopulo (2005, p. 139) opine that price is utilized to separate one product from another and to provide customers with valuable information. Often, consumers can tell which products promise the best value for their money based on the prices attached to the said product.

Many scholars argue that pricing plays a critical role in a firm’ s marketing strategy and that the prices firms attach to their products should be linked to the success of the marketing and corporate objectives. There are various factors that play out when it comes to the methods and procedures that firms utilize to achieve their pricing goals. The factors include the competitive circumstances, the market, and costs. A highly competitive environment often requires firms to set relatively lower prices than those offered by competitors.

Price plays an integral role in determining the difference between the cost of producing a product and the final price the said product is sold. As such, the pricing strategy adopted by a firm directly impacts its profitability. When setting prices, firms should also consider prices set by competing firms, legal restrictions on pricing policies as well as the perceived relationship between the firm’ s prices and product quality.

References

List

Barker, R & Angelopulo, G.C. 2005. Integrated Organisational Communication. New Delhi; Juta and Company Ltd

Blythman, J. 2013. Retail Marketing. New York; Routledge.

Kumar, L. 2013. Mktg of Hospitality & Tourism Serv. New York; Tata McGraw-Hill Education

Mills, J & Law, R. 2013. Handbook of Consumer Behavior, Tourism, and the Internet. New York; Routledge.

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