Marketing mix

Also known as the 4P's brand levels of marketing

decision namely product, price, place, and promotion, it
is a foundation concept in marketing. It is defined as the
"set of marketing tools that the firm uses to pursue it's
marketing abjective in the target market. In services
marketing, a modified and expanded marketing mix is
used, typically comprising seven P's made up of the
original 4P's plus people, process and physical
evidence.
 Product - refers to what the business offers for sale and may include products or services.
Product decisions include the "quality, benefits, style, design, branding, packaging, services,
warranties, guarantees, life cycle, investment and return".

Price - refers to decisions surrounding" list pricing, discount pricing,special offer

pricing, credit payment or credit terms".

Place- is defined as the "direct and indirec channels to market,geographical

distribution, territorial coverage, and market location". Place refers either to the
physical location where a business carries out business or distribution channels used to
reach market.
 Promotion- refers to the "marketing communication used to make the offer known to
potential costumers and persuade them to investigate it further". Promotion elements include
advertising, publication, direct selling, and sales promotion.

People -In the professional financial or hospitability service industry, people are not producer, but
rather they are the employees who interact to the customer.

Process - for example,a restaurant manager should monitor the performance of the
employees, ensuring the process is followed.He/she also expected to supervise what the
employee promptly greeted and lead the customer to their table.

Physical evidence - is important to customer because the tangible good are evidence that
the seller has provide what the customer was expecting.

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 Emergence of the Marketing Mix:4P's and 7P's Concept

The origin of the four P's can be traced to the late 1940s.Mix has been attributed to a
professor of marketing at Harvard University, prof.James Culliton.In 1948, culliton published an
article entitled, The management of marketing cost in which culliton describes marketers as
mixers of ingredients.According to burdens account, he used the term"Marketing Mixed"
consistently from the late 1940s.For instance, he is known to have usethe term Marketing mix
in his presidential address given to the American association 1953. Although the idea of
marketers as mixers of ingredients caught on,there was no real consensus about what
elements should be included in the mix until 1960. The 4P's in it's modern form was first
proposed in 1960 by marketing professor E. Jerome McCarthy in his text book entitled Basic
Marketing: A Managerial Approach.
THANK YOU
Lea B. Gaviola