The marketing mix is based on the microeconomic theory’s single P (price) (Chong, 2003). McCarthy (1964) provided the “marketing mix” which is often called the “4Ps”, as a way of executing marketing planning (Bennett, 1997).
The marketing mix is not a theory of science, but it is simply a conceptual framework that describes the main decision-making executives who make their offerings designed to the needs of consumers. The marketing tools can be applied to build both long-term plans and short-term operational programs (Palmer, 2004).
According to Aaker, (2008), the marketing mix strategies in the service sector, invole the 7 Ps; that is, product, price, promotion, place, people, process and physical evidence. The marketing mix is a critical way of understanding what the product or service will deliver and how to prepare for a profitable product offering. Marketing is the key function for success in each organization as it is the major network between any organization and consumers. Marketing has different strategies and tactics, but all these have one objective, which is to promote products or services for the organization by maximizing customer satisfaction.
In the modern world, the most critical marketing strategy is the marketing mix, which has developed from one element to multi-elements over time.
The marketing mix is a conceptual framework that is not just a scientific theory that clarifies the efforts of major decision-making managers to configure offers to match customers ‘ needs.
The marketing mix is a functional part of marketing. The value of the marketing mix depends on its capacity to help a business determine a product or service’s suitability for a specific target consumer base.
As per Philip Kotler, ‘ marketing mix is the mixture of controllable marketing factors that the company uses to meet the target market’s desired level of sales. The marketing mix, therefore, states the appropriate mix of four P’s (product, price, promotion, and place) to achieve marketing goals.
The elements (4Ps) are also referred to as variable marketing mixes or controllable variables as they can be applied according to business needs. E. Jerome McCarthy (1960) popularized 4Ps—product, price, place, and promotion.
Figure 2.1 4Ps of Marketing Mix Elements
Source: E. Jerome McCarthy (1960)