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5 V's in Marketing Mix

In: Business and Management

Submitted By almajaz
Words 289
Pages 2
When marketing management was founded, its main philosophy focused on customer needs.
With the rapid development, the customer became the central to all marketing activities, where
The main focus of marketing is to identify and satisfy consumer needs.
Companies after identifying their target market must do activities to satisfy consumer needs.
For the first time in 1953, Neil Borden used the term marketing mix in his speech as Chief of
Marketing Association in America.
The term marketing mix refers to the set of integrated marketing activities and interrelated and that depend on each other in order to perform the marketing functions as its planned.
In today's competitive world, customers are located in the center of attention of companies and satisfaction is their main factor to gain a competitive advantage among the organizations.
In 1964 Mr. McCarthy established 4P's theory. He introduced main factors affecting the marketing of products and services in the form of four main components, namely product, price, place and promotion.
While it is nice to know that mentioned view is based on a vision that looks to the market from the perspective of business managers. But a consumer wants to buy a brand of product or may use the services of service agency, with a view of business executives looking to buy a brand?
After being asked this question, many researchers were working on this Issue from the perspective of consumers and customers to analyze, and recently.Mr. Bennet a professor at university of East Anglia, proposed a model, that in the process they take consideration of the perspective of consumers and customers. He expressed this model that consumers or customers with regard to five factors, and his model has been called 5 V’s...

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