10.11 The marketing mix
During this chapter we only have the opportunity, as with the other topics, of introducing marketing: that is, we are unable to cover it in much depth. Therefore when we discuss the marketing mix we only use the basic marketing mix known as the 4Ps instead of the 7Ps which are used when referring to the marketing of services. Marketing will be covered comprehensively in the separate unit of 'Introduction to services marketing' later in your studies.
For now, we will take the approach that marketing addresses four issues:
- how to develop the firm's products
- how to price these products
- how to sell ( promote ) these products
- how to distribute ( place ) these products to consumers.
These elements are collectively known as the marketing mix - the four Ps of marketing. You should be aware of the four Ps concept which is summarised in Figure 10.4 below.
Figure 10.4 The elements of the marketing mix for international firms
As Hill (2005) does not provide an effective introduction to international marketing, the following reading is included because it defines marketing and explains why international marketing is necessary when conducting international business. Note how in this reading that Albaum et al. (2005) gives a much broader perspective to international marketing than in the forthcoming pages from Hill (2005).
Reading 10.1
Albaum, G., Duerr, E. and Strandskov, J. 2005, International Marketing and Export Management , 5 th edn, Financial Times/Prentice Hall, Essex , England , pp. 2-15: 'The growing importance of international marketing'.
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