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mar·ket·ing mix
/ˈmärkədiNG miks/noun
- 1. a combination of factors that can be controlled by a company to influence consumers to purchase its products.
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The marketing mix is the set of controllable elements or variables that a company uses to influence and meet the needs of its target customers in the most effective and efficient way possible. These variables are often grouped into four key components, often referred to as the "Four Ps of Marketing." These four P's are :
A marketing mix is a foundational tool used to guide decision making in marketing. The marketing mix represents the basic tools that marketers can use to bring their products or services to the market. They are the foundation of managerial marketing and the marketing plan typically devotes a section to the marketing mix. The 4Ps
Marketing Mix Modeling (MMM) is statistical analysis such as multivariate regressions on sales and marketing time series data to estimate the impact of various marketing tactics (marketing mix) on sales and then forecast the impact of future sets of tactics.
Advertising is a small but important part of marketing communications; the marketing communications mix is a set of tools that can be used to deliver a clear and consistent message to target audiences. It is also commonly called the promotional mix.
Marketing research is the systematic gathering, recording, and analysis of qualitative and quantitative data about issues relating to marketing products and services. The goal is to identify and assess how changing elements of the marketing mix impacts customer behavior.
The marketing mix or marketing program is understood to refer to the "set of marketing tools that the firm uses to pursue its marketing objectives in the target market". The traditional marketing mix refers to four broad levels of marketing decision, namely: product , price , promotion , and place .
McCarthy defined the 4Ps conceptual framework for marketing decision-making, which used product, price, place (or distribution), and promotion in the marketing mix. In 1960, McCarthy was the first to propose a marketing mix concept that resonated with both practitioners and academics. [15]
Marketing management: The marketing program (also known as the marketing mix or the 4 Ps The marketing program, also known as the marketing mix or the 4 ps consists of the product, price, place and promotion.
A marketing plan is a plan created to accomplish specific marketing objectives, outlining a company's advertising and marketing efforts for a given period, describing the current marketing position of a business, and discussing the target market and marketing mix to be used to achieve marketing goals.
In marketing, the promotional mix describes a blend of promotional variables chosen by marketers to help a firm reach its goals. It has been identified as a subset of the marketing mix.