A-AS Level (CIE) Business Studies Paper-1: Specimen Questions with Answers 46 - 46 of 50

Question 46

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Who coined the term ‘Marketing Mix’ ? Explain.

Explanation

Marketing involves a few functions in order to achieve its target of consumer satisfaction. These functions are independent in themselves. Their effective coordination is often described as marketing mix. The concept of ‘mix’ of marketing function was conceived by Prof. N. H. Border of Harvard-Business School. According to him, the marketing mix refers to the apportionment of effort, the combination, the designing, and the integration of elements of marketing into a programme or Philip Kotler states, the firm task is to find the best solution for its marketing decision variables, the setting constitutes its marketing mix According to Mc Carthy, “Marketing is the pack offer sets of variables namely product, price, promotion and place variables” . The Marketing mix is made up of four elements namely Product, Price, Promotion and Place that constitute the marketing decisions from marketers view point. However, all the four P՚s can be four C՚s from the consumers point of view. This can be illustrated as follows:

  • Product for marketer- Consumer՚s ‘needs and wants’ for customer.
  • Price for marketer- “Cost” to the customer
  • Promotion for marketer- Communication for the customer.
  • Place for marketer- Convenience for the customer.

In brief, marketing mix is the master mix of sub mixes namely, product mix, price mix, promotion mix and place mix. These are the elements of marketing decisions on which the firm has control. Hence, the marketing mix signifies internal controllable forces.

Elements of Marketing Mix

  • Product. Quality, Features, Design, Brand, Package, Service.
  • Price. Price differentials, Credit terms, Discount, Payment period.
  • Place. Transportation, Warehousing storage, Inventory, Wholesaler, Retailer.
  • Promotion. Personal Selling, Advertising, Sale Promotion, Public relations.

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