In the present world, the art of marketing is more important than the art of production. Production is often considered as the more important function. However, this practice is gradually losing ground and it is being recognized that “unless you can sell a product, you should not manufacture it”. Marketing, the process by which a product or service originates and is then priced, promoted, and distributed to consumers, begins when production ends, and ends when consumption begins. Marketing concentrates primarily on the consumers. After determining the customers’ needs and desires, marketers develop strategies to educate customers about a product’s most important features, persuading them to buy it, and then to enhance their satisfaction with the purchase. All business activities facilitating the exchange are included in marketing.
Neil Borden coined the term ‘marketing mix’ in 1953 in his presidential address to American Marketing Association. Marketing mix is a business tool used in marketing products. The marketing mix is often crucial when determining a product’s or brand’s unique selling point (the unique quality that differentiates a product from its competitors), and is often synonymous with the ‘four Ps’: ‘price’, ‘product’, ‘promotion’, and ‘place’. However, in recent times, the ‘four Ps’ have been expanded to ‘seven Ps’ with the addition of ‘process’, ‘physical evidence’ and ‘people’. Recently, ‘four Cs’ theory has also come into the limelight.
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