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When blending these factors, or elements, marketers must understand the wants and needs of the customer and use those elements when formulating the appropriate marketing strategies and plans that will satisfy them.
Neil Borden, the developer of the marketing mix model, suggests that you need two sets of information in order to develop a marketing mix; a list of important elements that go into the mix, and a list of forces that influence these decision variables (Wikipedia, 2006). The most common variables that are used in formulating this mix are product, price, place and promotion. These variables, viewed from the perspective of the marketer, are sometimes referred to as marketing management because it describes the elements in which marketers have to work with...
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