Marketing mix

The marketing mix is the combination of elements necessary to the planning and execution of a total marketing operation. The total marketing operation mainly consists of three processes: Analyzing the situation of companies, STP, and Marketing mix. Marketing managers first analyze the situation of the company and then conduct STP: Segmentation, Targeting, Positioning. In STP, they segment the market, choose the target market in which the company can have competitive advantages and determine what is to be their products' position in the market, and then they design the marketing mix. In the process, marketing managers should design an internally consistent and mutually supportive marketing mix.

It was specifically divided into the 4Ps: Product, Placement, Price and Promotion by E.Jerome McCarthy in 1960, and from then it has been dealt with various variables. These variables include not only goods and services but usage, value, image and so on.

Relative importance among 4Ps

In devising the marketing strategy it is usually said that getting a competitive advantage should be considered important than any other factors. Product and price is first determined. Decision-making about place and promotion is considered later after determining the strategic position of the products by comparing rival products and then giving relative quality of products, price of products to the market.

References

• Kotler, Philip (2003) "Marketing Management", Prentice Hall, ISBN 0131457578.
• Chae Seo Il (2007) "Marketing", B&M Books, ISBN 89-91879-19-5
• Silbiger, Steven (2005) "The Ten-day MBA", HarperCollins, ISBN 978-0-06-079907-6