The term ‘Marketing Mix’ was developed by Neil Borden who first started using the phrase in 1949. The marketing mix (also known as the 4 Ps) is a foundation model for businesses. It can be defined as the "set of marketing tools that the firm uses to pursue its marketing objectives in the target market". The marketing mix refers to four broad levels of marketing decision, namely: product, price, place, and promotion. The 4Ps model was created by E. Jerome McCarthy in 1960. Later in late 1970’s it was extended by Bernard Booms and Mary Bitner who added 3 new elements to the 4 P’s Principles. The extended elements are: People, Processes and Physical Evidence. The extension is done to make it suitable for services marketing as the original 4P’s model was more suitable for product marketing.
