9. History of Marketing Mix
• • •
The concept of
‘marketing mix’
was first
introduced by
Jerome
McCarthy in
1960.
Marketing mix is
a blend of
variables
through which a
firm carries out
its marketing
strategy.
It provides a
recipe for
effective
marketing.
Effective marketing is
based on the right
balance of marketing
elements and
processes depending
on the nature of the
product, service or
idea being marketed.
•
10. Introduction
What should be
the products /
services to be
offered?
Which areas
should be first
ventured into?
What kind of
pricing strategy
should be
followed?
How should the
new products be
marketed /
promoted to make
an impact?
12. 4 Ps
Marketing mix is the combination of four elements. They are:
Product
Place
Price
Promotion
13. Designing the Right Marketing Mix
The right blend of the marketing mix achieves the following:
Achieves marketing objectives
Meets customer needs
Is balanced and consistent
Creates a competitive advantage
Matches corporate resources
15. Booms & Bithner
Booms and Bithner included three
additional 'Ps' to accommodate
trends towards a service or
knowledge based economy.
These were:
Let’s look at each in detail.
People
Process
Physical Evidence
16. People
They suggested that all people who directly or
indirectly influence the perceived value of the
product or service, including knowledge workers,
employees, management and consumers should
be taken into consideration while designing a
marketing mix.
19. Sales & Profit Life Cycles
Introduction Growth Maturity Decline
Time
Sales&profits($)
20. 3.Product Life Cycles (PLC)
The course of a product’s sale and profit over it lifetime.It
involves five distinct stages:product
development,introduction,growth,maturity,and decline.
21.
22. ASSIGNMENT
1.Please list the marketing objectives and strategies for each stage.
2.what strategic option are open to the marketers of products in the mature
stage of the product life cycle?
3.which product life-cycle stage, if any, is the most important? which stage
is riskiest? which stage appears to hold the greatest profit potential? Be
certain to explain the thinking behind each of your answer.