Marketing mix is a very basic marketing concept. Entrepreneurs need to apply this concept in marketing strategies to optimize profits. Spenmo Team Oct 30, 2022 Products or services produced by a business will not generate profits that are the target of the business if without the right marketing tools. One of the popular and widely practiced marketing tools is the marketing mix . In this marketing mix concept, there are a number of elements that are used in an integrated manner and are equally important so that one and the other must support one another.
For micro, small and medium enterprises (MSMEs), the marketing mix can also Canada Phone Number Data be applied as a marketing strategy. In order to execute the strategy effectively, it is necessary to understand more about what the marketing mix is, especially the 4P and 7P concepts which are the cornerstones of this modern era’s marketing concept. Definition of Marketing Mix Marketing mix is a term for marketing tools that was first coined in 1953 by Neil Bordon, a marketing expert and professor from Harvard, United States. The American Marketing Association (AMA) explains on its website, Bordon coined the term to underscore how marketers develop and execute successful marketing plans.
In the paper " The Concept of ‘Marketing Mix’ and its Elements " published in the International Journal of Information, Business and Management, it is stated that marketing mix is the most fundamental marketing concept in the form of a set of controlled marketing tools used to produce the desired response in the target market. Edmund Jerome McCarthy, writer and marketing professor, first proposed the 4P concept which refers to the marketing mix in 1960. The 4Ps here are product, price, place of distribution, and promotion. After that, marketing experts added three more elements, namely person, process, and physical evidence, so that it became 7P. The purpose of this addition is to accommodate intangible products or services that have a different key to success than tangible products. Companies must sell their products at the right price and in the right way and at the right time and location. Because, there is competition that must be faced and companies must have better performance than competitors.