What is Marketing Mix?

What is Marketing Mix?

Figure: Marketing Mix.

The term Marketing Mix was introduced by Neil H. Borden in his article-"The Concept of Marketing Mix." He learned about it in a research bulletin on the management of marketing costs, written by his associate Prof. James Culliton in 1948.

Marketing mix is an improtant concept of marketing management. The main aim of every business organization is to earn and maximize its profits.For doing so, they concentrate on 4 factors, i.e. Product, Price, Place, Promotion, known as a marketing mix. 

According to Philip Kotler - "Marketing Mix is the combination of four elements, called the 4P's (product, Price, Promotion, and Place), that every company has the option of adding, subtracting, or modifying in order to create a desired marketing strategy."