The marketing has been defined as the controllable variables the company puts together in order to satisfy target markets and achieve the firm’s objectives.
Traditionally, the marketing mix has four components of variables known as the 4 P’s: product, price, place and promotion.
The marketing Mix was originally developed by Prof. Neil Borden of Harvard which has got six elements – Product Planning, Pricing, Distribution, Promotion, Servicing and Market research.
These were later reduced to four elements only (4 P’s) by McCarthy. Firms will manipulate the marketing mix variables to formulate strategies that are combined in marketing program for a product or service.
In 1961, Albert Frey suggested that all the marketing mix variables could be categorized into just two groups:
*The Offering (product, packaging, service, brand and price)
*The Methods/Tools (distribution channels, personal selling, advertising and sales promotion).
Marketing mix
