The document discusses the marketing mix, which was first coined in 1953 by Neil Borden as a combination of marketing tools used by companies to satisfy customers and achieve goals. In 1960, E. Jerome McCarthy proposed classifying these tools into four categories - product, price, place, and promotion - which became known as the 4Ps of marketing. The 4Ps refer to the basic components of a marketing plan and include decisions about a product's benefits, pricing, distribution channels, and promotional activities.

2.  The term 'The term 'marketing mix'marketing mix' was first used inwas first used in
1953 when Neil Borden, in his American1953 when Neil Borden, in his American
Marketing Association presidential address, tookMarketing Association presidential address, took
the recipe idea one step further and coined thethe recipe idea one step further and coined the
term "marketing-mix". A prominent marketer,term "marketing-mix". A prominent marketer,
E. Jerome McCarthy, proposed a 4 P’sE. Jerome McCarthy, proposed a 4 P’s
classification in 1960, which has seen wide use.classification in 1960, which has seen wide use.

3.  Marketing MixMarketing Mix is a combination of marketing tools thatis a combination of marketing tools that
a company uses to satisfy their target customers, anda company uses to satisfy their target customers, and
achieving organizational goals. McCarthy classified allachieving organizational goals. McCarthy classified all
thesethese marketing toolsmarketing tools under four broad categories:under four broad categories:
 ProductProduct
 PricePrice
 PlacePlace
 PromotionPromotion
 These four elements are theThese four elements are the basic components of abasic components of a
marketing planmarketing plan and are collectively calledand are collectively called 4 P’s of4 P’s of
marketingmarketing..

4.  All marketing decision-making can be classified into four strategyAll marketing decision-making can be classified into four strategy
elements, sometimes referred to as the marketing mix or the fourelements, sometimes referred to as the marketing mix or the four
P’s.P’s.
 Product:Product: What are the benefits of this product and service to itsWhat are the benefits of this product and service to its
customers?customers?
 Price:Price: Should this product and service be free or funded by aShould this product and service be free or funded by a
grant? Should a price be charged to cover costs only? Should thegrant? Should a price be charged to cover costs only? Should the
price allow for a profit?price allow for a profit?
 Place:Place: What can be done to make this product and service moreWhat can be done to make this product and service more
accessible and available?accessible and available?
 Promotion:Promotion: What can be done to increase the visibility of thisWhat can be done to increase the visibility of this
product and service? What can be done to increase its usage orproduct and service? What can be done to increase its usage or
exposure?exposure?

5. Value perceivedValue perceived
in the mind ofin the mind of
the consumerthe consumer
Cover location,Cover location,
distribution, channelsdistribution, channels
and logisticsand logistics
MarketingMarketing
communicationscommunications
Collection of featuresCollection of features
and benefits thatand benefits that
provide customerprovide customer
satisfactionsatisfaction

6. Value perceivedValue perceived
in the mind ofin the mind of
the consumerthe consumer
Cover location,Cover location,
distribution, channelsdistribution, channels
and logisticsand logistics
MarketingMarketing
communicationscommunications
Collection of featuresCollection of features
and benefits thatand benefits that
provide customerprovide customer
satisfactionsatisfaction