Marketing Mix
**Please read the HSTalks The Marketing Mix by Michael J. Baker and answer these questions**
1.
List the two key decisions which are important to the marketing management process and do you agree. ( 5 pts)
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The two key decisions important to the marketing management mentioned are; “the selection of target markets which determine where the firm will compete” and “the design of the marketing mix which will determine its success in these markets' '. I would believe these statements to be true
as it is able to identify a target marker and the fundamentals as it allocates its resources and effort
to a specific customer needs.
2.
Evaluate the two proposed definitions of the marketing mix and select the one (name of the person) that you think is the best. Please justify your selection (5 pts)
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Compared to James Culliton's original use of the phrase, Neil Borden's contribution to the marketing mix more specifically, the development of the 4 P’s; Product, Price, Place, and Promotion, which stands out as a more significant and useful framework. A methodical and thorough guide for marketers, Borden's elaboration and elucidation of the marketing mix notion offers a disciplined approach to important components of marketing strategy. As a widely accepted framework for creating and carrying out successful marketing strategies, the 4 P’s have become deeply embedded throughout marketing education and practice. Because Borden's focus on product, pricing, placement, and promotion captures the vital elements of a winning marketing plan, his contribution is more generally acknowledged and will last in the industry.
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I concur that Neil Borden made a significant contribution, especially with the invention of the 4 P's, which has gained more traction in the marketing industry owing to its broad use and acknowledgment. The framework provides a methodical and comprehensive approach, distilling essential components of marketing strategy into a comprehensible and implementable format. Its success in academics and everyday use can be attributed to its thoroughness and simplicity. With the 4 P's, marketers now speak the same language and have a shared framework for talks and tactics. Although James Culliton coined the phrase marketing mix, Borden's development and addition of the 4 P's is credited with ensuring its ongoing appeal and establishing it as a crucial component of marketing theory and practice around the globe.
3.
Joseph McCarthy conceptualization of the marketing mix into 4 variables has been the most acceptable and lasting one. Explain several reasons why (5 pts)
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Joseph McCarthy conceptualization has lasted and been accepted for so long as it provides a straightforward understanding of the concept, the four components include all necessary factors that it takes for business to consider when promoting its goods and services. It is also adaptable, all types of organizations can be catered to by modifying the four factors, regardless of their size or industry.It is a malleable idea. The four elements can be used to develop and implement marketing strategies that are straightforward or complex.
4.
When discussing the 4 Ps in “Practice” he said that the best one is the Maximizing Stakeholder Value is the most important. Is this in opposition to the emphasis on customer satisfaction as being the most important objective of the marketing mix? Please explain. (10 pts)
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It is possible to view Professor Baker's claim that the most crucial of the four Ps is maximizing stakeholder value as a nuanced viewpoint that contradicts the focus on customer happiness. Although the traditional marketing mix emphasizes customer happiness as a primary objective, the
concept of maximizing stakeholder value broadens this perspective to include not only consumers but also all other people and organizations connected to or affected by the firm.
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Beyond just satisfying customers right now, maximizing stakeholder value takes into account the long-term effects on a variety of stakeholders, including workers, shareholders, vendors, and the
