Essay about Produt P Is Most Important in Marketing Mix

1180 Words Oct 7th, 2015 5 Pages
THE PRODUCT ‘P’ IS ALWAYS THE SINGLE MOST IMPORTANT ELEMENT IN THE MARKETING MIX

Definition of Marketing Mix
According to Philip Kotler - "Marketing Mix is the combination of four elements, called the 4P's (product, Price, Promotion, and Place), that every company has the option of adding, subtracting, or modifying in order to create a desired marketing strategy"

Marketing Mix was first coined by Neil Bordon, the President of the American Marketing Association in 1953 and is referred to as the set of actions, used by a company or organisation to promote its product or service in the market. A typical Marketing Mix is made up of 4Ps – Product, Price, Promotion and Place. These 4 Ps were introduced by the marketer E. Jerome McCarthy
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The other marketing elements can be determined easily with the right product and its features. For example, Starbucks has always focussed on creating a very strong name over the years. The company keeps a focus on its product and ensures to give the best cup of coffee to its customers.
Without product, the other three variables cannot exist. A marketer is always focussed on creating a suitable product for the market before determining the other three factors. Suppose if a car manufacturing company like Ford or Toyota has to launch a car with high quality, then pricing of that car, its promotion and placing can be altered according to the product it launches.
Thus we can say that product tends to provide ultimate value to its customer and serves as the basic reason of marketing mix.
Negative
However, some do not agree to the fact that product ‘P’ is the most important element in the marketing mix. The combination of 4 Ps in a business depend on the nature, size and objective of the business. When a new product has to be launched by a company, it has to see all elements like how much to offer, what price to offer, where to offer and how to offer. When these strategies have been looked upon then, returns can be expected the maximum. For example, Aldi aims at providing good quality products at a low price that have cheaper alternatives to famous and expensive brand. Aldi is expanding its outlets and is using

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