Welcome to my Marketing Mix. Marketing Mix means a strategy in which managers appropriately combine and harmonize various types of marketing tools within a certain environmental condition and a certain point in time. In other words, it is the coordination and composition of all the marketing strategies used in a product. The term marketing mix was first introduced in 1960 by Professor E. Jerome McCarthy, a professor at Michigan State University. E. Jerome McCarthy argues that companies use a mix of marketing strategies that are divided into four broad categories: Product, Pricing, Place, and Promotion to satisfy their target audience (Basic Marketing, 1960).
For the United States, a victor of World War II and unharmed in the 1950s, it was a boom. The entry into the middle class has increased to a large extent, and the purchasing power of consumers has become sufficient. As a result, people have opted for better homes, home appliances and automobiles with their full purchasing power, and traditional manufacturing companies have to meet these customer needs to ensure higher location and success. Competition has become fierce, and the concept of marketing, which leads to the purchase of a product, has become more important than ever. Therefore, Marketing Mix, a strategy to study and adjust various marketing strategies as a whole, was a key strategy to be consulted and studied for companies that sought to satisfy customers' needs at that time especially in the 1960s. Even after more than 50 years since then, the marketing mix has become a key concept to be dealt with in the field of marketing and many types of research and applications have been tried in many related books and practices (The Evolution of Marketing, 2010).
E. The marketing mix introduced by Professor Jerome McCarthy is that the classification and research of the marketing strategy were not systematic at the time, and the concept of marketing itself was the introduction period. In other words, the 4P strategy is introduced by dividing it into categories. However, 50 years later, the nature of each business or company is different from traditional manufacturing, and research on marketing has been done very much. Especially in the present society, the difference of importance of the components of the traditional marketing mix due to the revolutionary changes of the transportation means and the media has increased so that the simple application of the past 4P concept is unreasonable. Nowadays, how to combine these components to approach consumers is an issue. In modern scholars' opinion, dividing the components of the marketing mix into 4P, which is the element of traditional marketing, is not suitable for modernized society, so it is composed of more familiar and more consumer-friendly components, The four elements of 4C (Cost, Convenience, Consumer, Communication) (Daily Economic Glossary, 2014), Process, Physical evidence, People ), And 7P, which is made up of the three elements of 4P, and its use is widely used.
No comments:
Post a Comment