Page 282 - (DK) The Business Book

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IN CONTEXT
PRODUCT FOCUS
Marketing strategy
KEY DATES
1910 Professor Ralph Butler
PLACE introduces the term
“marketing” in the title
of his university course.
1920s Marketing becomes
PRICE further established as a
recognized field of study.
1948 James Culliton identifies
the idea of the marketer as a
PROMOTION “mixer of ingredients.”
1953 Neil Borden coins the
phrase “marketing mix.”

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.

he marketing mix concept
is a theoretical framework
T 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