The Marketing Mix
In 1964, Edmund Jerome McCarthy developed a popular set of variables that an organisation can manage towards implementing a marketing strategy directed at a specific target market. This classification is known as the Marketing Mix or the 4Ps of Marketing and includes Product, Pricing, Place and Promotion.
The Marketing Mix can be simply summarised as: “the right product, in the right place, at the right time, and at the right price”. The operational aspects of managing each of these marketing elements in the Marketing Plan will be applied in detail in this session.
40 minutes
This lesson will take you approximately 40 minutes to work through, that is, if you just follow the explanations.
60 minutes
With additional reading this lesson should take you in total about 60 minutes to complete.
80 minutes
With additional reading and a review of the academic articles, journal articles or advanced concepts should take you closer to 80 minutes to complete.
The learning elements of this lesson are the following:
- Exploring the Marketing Mix and each of its elements (Product, Pricing, Place and Promotion)
- Realising the significance of implementing a Marketing Plan for pursuing marketing objectives and initiatives
