The Marketing Mix is the basis on which many marketing strategies and business activities are based. The acronym itself informs and organises brands and marketers globally, so it has certainly found its concrete place in modern-day marketing.
The initial, very basic concept of the ‘Marketing Mix’ came about in the 1960s when Neil H. Borden elaborated on James Culliton’s idea of business executives as ‘mixers of ingredients’ (the ingredients being different marketing concepts, practices, and procedures).
However, it was Jerome McCarthy who defined the marketing mix that we know and love today; in the form of ‘The 4Ps of Marketing’: Product, Price, Place & Promotion.
But, for some, 4Ps didn’t quite cut it. Queue: Booms and Bitner, two modern academics who, in 1981, extended the marketing mix to include McCarthy’s 4 original elements plus a further 3 factors: ‘People’, ‘Processes’ and ‘Physical Evidence’.
So, what are you waiting for? Let’s dive into the 7 essential Ps of the marketing mix…