Marketing Mix .

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• Marketing Mix https://store.theartofservice.com/the-marketing-mix- toolkit.html

Transcript of Marketing Mix .

Page 1: Marketing Mix .

• Marketing Mix

https://store.theartofservice.com/the-marketing-mix-toolkit.html

Page 2: Marketing Mix .

Advertising Marketing mix

1 The marketing mix consists of four basic elements called the

four P’s

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Page 3: Marketing Mix .

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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Page 4: Marketing Mix .

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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Page 6: Marketing Mix .

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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Page 11: Marketing Mix .

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.

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Page 13: Marketing Mix .

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

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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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