46 Pages

Unit 4 The marketing mix: product

This unit covers the first of the elements of the so-called ‘marketing mix’, the elements of which

you were introduced to in Unit 1. Remember, we stated that the marketing mix comprises of

those tools or ingredients, which the marketer uses to develop marketing plans and pro-

grammes. You will also recall that the original four elements of the marketing mix comprise

the elements of Price, Place, Promotion and the focus of this unit, namely Product. Since first

proposed by Neil Borden, these four original elements of the marketing mix have since been

extended to include the further three Ps of People, Process and Physical evidence. In discuss-

ing the key elements of the marketing mix in this unit and in the units that follow, we will

obviously discuss the elements individually and in some detail. It is vital, however, for you to

remember that ultimately each of the individual elements of the mix must be co-ordinated and

integrated so as to provide a cohesive and balanced overall mix of the elements in marketing

strategy. This is something, therefore, that we shall stress throughout our discussion of the

individual mix elements.