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• Marketing Mix
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Advertising Marketing mix
1 The marketing mix consists of four basic elements called the
four P’s
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Marketing mix - History
1 In his paper "The Concept of the Marketing Mix", Neil Borden reconstructed the history of the
term "marketing mix". He started teaching the term after an associate, James Culliton,
described the role of the marketing manager in 1948 as a "mixer of ingredients"; one who
sometimes follows recipes prepared by others, sometimes prepares his own recipe as he goes
along, sometimes adapts a recipe from immediately available ingredients, and at other times invents new ingredients no one else has
tried.
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Marketing mix - McCarthy's Four Ps
1 Price The amount a customer pays for the product. The price is very important as
it determines the company's profit and hence, survival. Adjusting the price has a
profound impact on the marketing strategy, and depending on the price elasticity of the product, often it will affect the demand and
sales as well. The marketer should set a price that complements the other elements
of the marketing mix.
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Marketing mix - McCarthy's Four Ps
1 Distribution (Place) Refers to providing the product at a place
which is convenient for consumers to access. Various strategies such as
intensive distribution, selective distribution, exclusive distribution
and franchising can be used by the marketer to complement the other
aspects of the marketing mix.
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Marketing mix - Four Cs: in the Seven Cs Compass Model
1 A formal approach to this customer-focused marketing mix is known as Four Cs (Commodity, Cost, Communication,
Channel) in “the Seven Cs Compass Model. The four Cs Model provides a
demand/customer centric version alternative to the well-known four Ps
supply side model (product, price, promotion, place) of marketing
management.
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Marketing mix - Four Cs: in the Seven Cs Compass Model
1 In particular, the seven Cs inclusion of consumers in the marketing mix is criticized, since they are a target of marketing, while the other elements
of the marketing mix are tactics
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Green marketing - The green marketing mix
1 A model green marketing mix contains four P's:
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Food marketing - Marketing mix
1 The four components of food marketing are often called the “four Ps” of the marketing mix because
they relate to product, price, promotion, and place.Marketing Nutrition: Soy Functional Foods,
Biotechnology, and Obesity, (2007), Brian Wansink, Champaign, IL:
University of Illinois Press
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Advertisement - Marketing mix
1 The marketing mix has been a key concept to advertising, it was
proposed by professor E. Jerome McCarthy in the 1960s. The
marketing mix consists of four basic elements called the four P's.
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Marketing mix
1 'The marketing mix' is a business tool used in marketing and by marketing
professionals. The marketing mix is often crucial when determining a product or
brand's offer, and is often associated with the 'four Ps': price, product, promotion,
and place. In service marketing, however, the four Ps are expanded to the 'seven Ps' or 'eight Ps' to address the different
nature of services.
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Marketing mix - History
1 In his paper The Concept of the Marketing Mix, Neil Borden
reconstructed the history of the term marketing mix.
https://store.theartofservice.com/the-marketing-mix-toolkit.html
Marketing mix - Four Cs: in the 7Cs Compass Model
1 *A formal approach to this customer-focused marketing mix is known as
Four Cs (commodity, cost, communication, Marketing channel|channel) in the Seven Cs Compass
Model
https://store.theartofservice.com/the-marketing-mix-toolkit.html
Marketing mix modeling
1 'Marketing mix modeling' (MMM) is a term of art for the use of statistical analysis such as
multivariate statistics|multivariate Linear regression|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. It is often
used to optimize advertising mix and promotional tactics with respect to sales
revenue or profit.
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Marketing mix modeling - History
1 1960), was the first person to suggest the four P's of marketing–
price, promotion, product and place (distribution)– which constitute the
most common variables used in constructing a marketing mix
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Marketing mix modeling - History
1 Another set of marketing mix variables were developed by Albert Frey (Frey, A. 1961) who
classified the marketing variables into two categories: the offering, and process variables. The offering consists of the
product, service, packaging, brand, and price. The process or method variables included advertising, promotion, sales promotion, personal selling, publicity, distribution channels, marketing research, strategy
formation, and new product development.
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Marketing mix modeling - Marketing mix model
1 Marketing mix modeling is an analytical approach that uses historic
information, such as syndicated point-of-sale data and companies’ internal data, to quantify the sales
impact of various marketing activities
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Marketing mix modeling - Marketing mix model
1 The creation of variables for Marketing Mix Modeling is a
complicated affair and is as much an art as it is a science
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Marketing mix modeling - Limitations
1 While marketing mix models provide much useful information, there are
two key areas in which these models have limitations that should be taken into account by all of those that use
these models for decisionmaking purposes. These limitations,
discussed more fully below, include:
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Marketing mix modeling - Limitations
1 The second limitation of marketing mix models comes into play when advertisers attempt to use these
models to determine the best media allocation across different media
types
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