Marketing can be defined as a business functions that focuses on recognizing customer needs
Marketing can be defined as a business functions that focuses on recognizing customer needs, identifying targets and applies products and services to serve these markets. It also includes promoting of products and service with the selected marketplaces. Marketing is very essential to the success of a business, large, medium or small with its main concentration on offering quality, consumer value and customer satisfaction. A strategy commonly utilized is the “Marketing Mix”. The “Concept of the Marketing Mix” was created by (Borden 1964) who was inspired of the idea from (Culliton 1948)’s research. (Culliton 1948) described the idea of marketing as a ‘mixer of ingredients’ while baking a cake. However, (Borden 1964) interpretation of the marketing mix included price, product, place and promotion, but also branding, personal selling, planning, distribution channels, advertising, analysis and servicing. Together, these foundations act as the means to demonstrate the strategic position of a product within the market.
The Four Ps
According to (McCarthy 1960), the four fundamentals of the marketing mix are referred to as the four P’s. Product is the physical object that people sell or buy. It is the heart of the marketing mix. It is also the beginning point of the entire mix and strategy. When dealing with the product a company must consider the packaging, warranty, after-sale follow-up material, brand name and company name. For example, eating at TGI Friday’s in Fort Lauderdale is different is than eating at Ruby Tuesdays in Trinidad. Products can be tangible as well; for example, televisions or services such as Spa Treatments. Place or distribution is the location where the product or service are available to the consumer when they want and need them. Promotional consist of personal selling, advertising, public relations and sales promotion. The purpose of this is to inform, educate, persuade and remain consumers about products or services. For example, an old spice commercial can be considered as an effective promotion. Price is the cost a consumer must pay for the product or service. This can be considered as the most flexible out of the mixes. Each element plays an important role within the marketing decisions.
The adaptation of marketing mix approach to the modern world
Regardless of the number of criticisms against the marketing mix, it remains to be the most-widely accepted method used by marketers. There is evidence from research to show that the four P’s can still suitable for the current marketing environment. Presently, the growth of technology in this digital age is conveyed by an increasing usage of computers and internet. “Conventional” philosophers like (Bhatt, G.D., Emdad, A.F 2001) believes that the marketing mix can adjust to the environmental change by the core transformation of each P element. For instance, the philosophers suggested that the addition of custom-made goods and value will expand the model’s flexibility; the communicating nature of the internet has led to the concept of ‘Computer-generated products’ that be personalized and customized depending on the consumer needs, wants and desires. The internet also permits customers to attain knowledge about product offerings and pricing that can be compared to other stores. The conception of physical place is no longer appropriate. It also provides a computer-generated platform that helps companies to build stronger ties between their customers and themselves. Companies can use the Digital Customer Relationship Management as a way to monitor customers through the data of purchasing and views to obtain information that helps them to target the market with promotions.