Marketing Mix
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Marketing Mix What is the marketing mix? Professor Jerome McCarthy coined this term which breaks down into four separate parts: product, price, place, and promotion, better known as the four P s of marketing. Some experts feel this early 60 s mentality is a little archaic and should reflect societies other factors. Today s marketers feel there are two important P s that have been overlooked, or intentionally ignored, and they are politics and public opinion The first P in the marketing mix is product. A product is any physical good, service or idea that satisfies a want or need. Because the term product is somewhat vast in its definition, marketers dissect the meaning into a smaller unit known as a commodity. A commodity is a product with subtle
differences. These differences can range from physical to geographical. Kotler uses the example of DuPont dacron, nylon, and orlon, DuPont deserves credit for creating brilliant new fibers displaying different properties. In each case it gives them memorable names...