Basics of Marketing
Basics of Marketing: The ‘Marketing Mix’ strategies The Indian Economist By Dr. Kar The term “marketing mix” was coined in the early 1950s by Neil Borden in his American Marketing Association presidential address. This is one of the preliminary knowledge every marketer must have and is considered to be the basics of every marketing theory, which emerged henceforth. The basic major marketing management decisions can be classified in one of the following four categories, namely Product; Price; Place (distribution); and Promotion. The four P components of the Marketing Mix Product Every product is subject to a life-cycle including a growth phase, followed by an eventual period of decline as the product approaches market saturation. It is the tangible object or an intangible service that is getting marketed through the program. Tangible products may be items like consumer goods (Toothpaste, Soaps, Shampoos) or consumer durables (Watches, IPods). Intangible pr...