FAQs for Step 39: Analyze Your Competitors and Differentiate
Q: Where are the P’s? Show me the P’s!!!
Q: Where are the P’s? Show me the P’s!!!
The term “marketing mix” was popularized after Neil H. Borden published an article, The Concept of the Marketing Mix, in 1964. The ingredients in Borden’s marketing mix included fact finding, analysis, product planning, advertising, promotions, packaging, display, pricing, branding, physical handling, distribution channels, personal selling and servicing. E. Jerome McCarthy later grouped these ingredients into the four categories that today are known as the 4 P’s of marketing: product, price, place and promotion. The marketing mix framework was particularly useful in the early days of the marketing concept when physical products represented a larger portion of the economy. Today, with marketing more integrated into organizations and with a wider variety of products and markets, some authors have attempted to expand the “P’s” to include other elements such as packaging, people, process, etc. Despite its limitations and partially because of its simplicity, the 4 P’s framework continues to be most popular as many marketing textbooks have been organized around it. You can be confident that all the elements of the 4 P’s – product, price, place and promotion – are fully integrated into the Business Planner’s RoadMap™ and the RiskBuster Business Planning System™. In the RoadMap, you will touch on all of the critical aspects of marketing for your business.
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