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Marketing Theories

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MARKETING THEORIES – THE MARKETING MIX – FROM 4 P’S TO 7 P’S
Visit our Marketing Theories Page to see more of our marketing buzzword busting blogs.
Marketing is a continually evolving discipline and as such can be one that companies find themselves left very much behind the competition if they stand still for too long. One example of this evolution has been the fundamental changes to the basic Marketing mix. Where once there were 4 P’s to explain the mix, nowadays it is more commonly accepted that a more developed 7 P’s adds a much needed additional layer of depth to the Marketing Mix with some theorists going even going further.
Before we get carried away though what is the Marketing Mix and what is the original 4 P’s principle?
THE MARKETING MIX
Simply put the Marketing Mix is a tool used by businesses and Marketers to help determine a product or brands offering. The 4 P’s have been associated with the Marketing Mix since their creation by E. Jerome McCarthy in 1960 (You can see why there may have been some need to update the theory).

The Marketing Mix 4 P’s: * Product - The Product should fit the task consumers want it for, it should work and it should be what the consumers are expecting to get. * Place – The product should be available from where your target consumer finds it easiest to shop. This may be High Street, Mail Order or the more current option via e-commerce or an online shop. * Price – The Product should always be seen as representing good value for money. This does not necessarily mean it should be the cheapest available; one of the main tenets of the marketing concept is that customers are usually happy to pay a little more for something that works really well for them. * Promotion – Advertising, PR, Sales Promotion, Personal Selling and, in more recent times, Social Media are all key communication tools for an

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