The marketing mix
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The marketing mix is a business tool used by marketers to determine a product or brand's offer. It is often associated with the four P's of marketing: product, price, promotion, and place. For services, the four P's were expanded to the seven P's to address the different nature of services. The seven P's model adds physical evidence, people, and process. The marketing mix helps marketers decide how to position products, exploit brands, and configure product lines to complement each other.
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![The marketingmix is a business tool used in marketing and bymarketers.The marketing mixis often crucial when
determining a product or brand's offer, and is often associated with the four P's: price, product, promotion,
and place.[1]
In service marketing,however, the four Ps are expanded to the seven P's [2]
or eight P's to address the
different nature of services.
In the 1990s,the conceptof four C's was introduced as a more customer-driven replacementoffour P's.[3]
There are
two theories based on four Cs:Lauterborn's four Cs (consumer, cost, communication,convenience),and Shimizu's
four Cs (commodity,cost,communication, channel).
In 2012, a new four P's theory was proposed with people,processes,programs,and performance.[4]
History
In his paper "The Conceptof the Marketing Mix", Neil Borden reconstructed the historyof 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 byothers,sometimes prepares his own
recipe as he goes along,sometimes adapts a recipe from immediatelyavailable ingredients,and at other times
invents new ingredients no one else has tried.
McCarthy's four Ps
The marketer E. Jerome McCarthy proposed a four Ps classification in 1960,which has since been used by
marketers throughoutthe world.[3]
Category Definition
Product
A product is seen as an item that satisfies whata consumer demands.It is a tangible good or an
intangible service.Tangible products are those thathave an independentphysical existence.
Typical examples ofmass-produced,tangible objects are the motor car and the disposable razor.
A less obvious butubiquitous mass-produced service is a computer operating system.
Every productis subjectto a life-cycle including a growth phase followed by a maturity phase and
finally an eventual period of decline as sales fall.Marketers mustdo careful research on how long
the life cycle of the productthey are marketing is likelyto be and focus their attention on different
challenges that arise as the productmoves.
The marketer mustalso consider the productmix. Marketers can expand the current productmix
by increasing a certain productline's depth or by increasing the number ofproductlines.
Marketers should consider how to position the product,how to exploit the brand,how to exploit
the company's resources and how to configure the product mix so that each product
complements the other.The marketer must also consider productdevelopmentstrategies.[3]
Price
The amounta customer pays for the product. The price is very importantas it determines the
company's profitand hence,survival. Adjusting the price has a profound impacton 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 seta price that complements the other elements ofthe
marketing mix.[3]](https://image.slidesharecdn.com/themarketingmix-140712084211-phpapp01/85/The-marketing-mix-1-320.jpg)
![When setting a price, the marketer mustbe aware of the customer perceived value for the
product. Three basic pricing strategies are: marketskimming pricing,market penetration
pricing and neutral pricing.The 'reference value' (where the consumer refers to the prices of
competing products) and the 'differential value' (the consumer's view of this product's attributes
versus the attributes of other products) mustbe taken into account.[3]
Promotion
All of the methods ofcommunication thata marketer may use to provide information to different
parties aboutthe product.Promotion comprises elements such as:advertising,public
relations,sales organisation and sales promotion.[3]
Advertising covers any communication thatis paid for, from cinema commercials,radio and
Internet advertisements through print media and billboards.Public relations is where the
communication is notdirectlypaid for and includes press releases,sponsorship deals,
exhibitions,conferences, seminars or trade fairs and events. Word-of-mouth is any apparently
informal communication aboutthe productby ordinary individuals,satisfied customers or people
specificallyengaged to create word of mouth momentum.Sales staffoften plays an importantrole
in word of mouth and public relations (see 'product'above).[3]
Distribution(Place)
Refers to providing the product at a place which is convenientfor consumers to access.
Various strategies such as intensive distribution,selective distribution,exclusive distribution
and franchising can be used by the marketer to complementthe other aspects ofthe marketing
mix.[3][8]
The "seven Ps"is a marketing model thatadds to the aforementioned four Ps,including "physical evidence",
"people",and "process":[9]
It is used when the relevant product is a service,not merely a physical good.
Category Definition
Physical
evidence
The evidence which shows thata service was performed,such as the delivery packaging for the item
delivered by a delivery service,or a scar left by a surgeon.This reminds or reassures the consumer
that the service took place,positively or negatively.
People The employees thatexecute the service, chiefly concerning the manner and skill in which they do so.
Process
The processes and systems within the organization thataffect the execution of its service, such as job
queuing or query handling.](https://image.slidesharecdn.com/themarketingmix-140712084211-phpapp01/85/The-marketing-mix-2-320.jpg)
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This document discusses the marketing mix, also known as the "4Ps" - product, price, place, and promotion. It provides an overview of each element and how companies can develop strategies within each area to gain a competitive advantage. Specifically, it describes how product design, quality, and features impact customers. It also discusses approaches to pricing like skimming and penetration. For place, it mentions distribution channels like retail, wholesale, and internet sales. And it outlines promotional strategies such as advertising, endorsements, and word-of-mouth marketing. The overall goal of optimizing the 4Ps is to satisfy customer needs and differentiate your offering from competitors.Top 10 Concepts(Final Ok)
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Mass communication relates to various means of relaying information to large audiences through mass media such as newspapers, magazines, radio, television and film. It includes developing and disseminating advertising and news, as well as processes like diffusion of information and media effects on public opinion. Effective marketing utilizes a variety of communication tools including advertising, sales promotion, public relations, events and experiences to build brand awareness and sales. Proper planning and allocation of budgets, messaging, timing and evaluation of these tools is needed to achieve communication goals.Project 1 Marketing Grade 12 CBSE 2016-2017
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The document outlines the definition and importance of marketing, detailing its evolution through five eras: production, product, sales, marketing, and societal marketing. It discusses the marketing mix, which includes product, price, place, and promotion, and emphasizes how marketing functions contribute to consumer satisfaction, decision-making, and the economy. Additionally, it covers the characteristics, objectives, and various types of business organizations, highlighting the pros and cons of sole proprietorships, partnerships, joint stock companies, and joint Hindu family businesses.Project report on marketing mix and competitive analysis of pureit hul
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This document provides an overview of Hindustan Unilever Limited (HUL), India's largest fast-moving consumer goods company. It details that HUL was founded in 1933 and today has a portfolio of over 35 brands across 20 categories. The document outlines HUL's history of mergers and acquisitions over the decades. It also provides brief descriptions of HUL's business segments and historical milestones such as name changes. In summary, the document introduces HUL as India's largest FMCG and describes its portfolio growth through mergers and brand/business acquisitions over 80+ years of operations in India.Marketing mix-PPPP
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The document discusses the marketing mix, which is a key tool used in marketing. The marketing mix is also known as the four Ps - product, price, place, and promotion. It explains that each of the four Ps is an important element of the marketing strategy. Product refers to the good or service. Price is what the customer pays. Place describes how the product is distributed to customers. Promotion involves communicating information about the product to customers through advertising, public relations, personal selling and sales promotions. The marketing mix helps businesses meet customer needs and satisfy them.Marketing plan (june)
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The document outlines the marketing mix, which consists of the essential elements of product, price, place, and promotion, aimed at influencing demand and achieving marketing goals. It details how each element contributes to a company's strategy, including product decisions, pricing policy, distribution methods, and promotional activities. The marketing mix serves as a foundation model in marketing, ensuring businesses can effectively meet consumer needs and optimize sales.mbm_6109_cat_one[1] CAT 1.docx Submitted for review CAT 1
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The marketing environment for industrial markets differs from consumer markets in several key ways:
1. The interface level involves key participants like input suppliers, distributors, facilitators, and competitors that directly interact with industrial firms in facilitating production, distribution, and purchases.
2. The publics level includes financial publics, the independent press, public interest groups, the general public, and internal publics that can help or hinder industrial firms' goals.
3. Strategic planning for industrial markets must consider the unique dynamics of the interface level and influence of various publics, unlike strategic planning for consumer markets which focuses more on individual consumers.Promotion in marketing
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The document provides an overview of promotion and the promotion mix. It discusses the six main elements of the promotion mix: advertising, sales promotion, personal selling, public relations, publicity, and propaganda. It then focuses on advertising, defining it and outlining the five main stages of an advertising campaign: setting objectives, budget, messages, media selection, and evaluation. Finally, it discusses different advertising media including indoor media like newspapers, magazines, radio, television, and film, as well as outdoor media such as posters, painted displays, electric signs, and more.STUDY4JOB.COM Introduction to marketing management (SOURCE: SMU)
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1. Marketing is a social and economic activity directed towards satisfying customer needs through an exchange process. It involves market segmentation, targeting, and positioning to select specific groups to market to.
2. The marketing mix, also known as the 4Ps, consists of product, price, place, and promotion. It represents the core elements that a marketer can use to influence demand. For services, an extended marketing mix of 7Ps adds people, process, and physical evidence.
3. Marketing managers gather and analyze information from the internal and external environment to inform decisions. Marketing information systems organize data collected through primary and secondary research. Understanding factors like customer demographics, competitors, and the economy helps identify opportunities and threats.Marketing mix mali
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The marketing mix, also known as the 4Ps, refers to the combination of product, price, place, and promotion that a company uses to market a product. These elements are adjusted until the optimal combination is found that meets customer needs while maximizing profits. Marketing involves planning and executing ideas, goods, and services to create value for customers through exchanges that satisfy individual and organizational goals. It is both a set of activities and a social process.Marketing mix mali
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The marketing mix, also known as the 4Ps, refers to the combination of product, price, place, and promotion that a company uses to market a product. These elements are adjusted until the optimal combination is found that meets customer needs while maximizing profits. Marketing involves planning and executing ideas, goods, and services to create value for customers through exchanges that satisfy individual and organizational goals. It is both a set of activities and a social process.A brief introductiontion ingrated marketing communication 12816463776467-php...
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The document provides an overview of integrated marketing communication (IMC). It defines key marketing and IMC concepts, including the marketing mix, branding, and the various tools used in IMC like advertising, direct marketing, interactive marketing, sales promotion, publicity, and personal selling. It also outlines the IMC planning process, from reviewing the marketing plan and conducting a situational analysis to developing the IMC program, implementing it, and monitoring/evaluating results. The goal of IMC is to ensure consistency of messaging across different communication channels to achieve effective marketing communications.Neil Borden - The Concept Of The Marketing Mix - Artigo original de 1949
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Neil H. Borden discusses the evolution and significance of the 'marketing mix', a term he popularized to encapsulate the complex blend of factors influencing marketing strategies. He emphasizes the role of the marketing manager as a creative 'mixer of ingredients' who must consider various elements such as product planning, pricing, distribution, and consumer behavior to formulate successful marketing campaigns. The document underscores the need for marketers to adapt strategies based on the dynamic nature of market forces, such as consumer behavior, competition, and regulatory environments.Principles of Marketing
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The document provides a comprehensive overview of marketing, defining key terms such as 'marketer' and 'market', while exploring the functions and strategies involved in successful marketing practices. It discusses the marketing mix, which consists of product, price, place, and promotion, and emphasizes the importance of understanding consumer needs, behaviors, and satisfaction. Additionally, it outlines various approaches to marketing, including commodity, institutional, and environmental approaches, underscoring the dynamic nature of marketing in a competitive landscape.Marketing mix
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The document discusses the marketing mix, also known as the 4Ps of marketing. It begins by explaining the origins of the term "marketing mix," which was first coined in 1953 and further developed in 1960 to describe the four broad categories of product, price, place, and promotion. These four elements, known as the 4Ps, make up the basic components of a marketing plan. The document then provides details on each of the 4Ps, describing what is involved in product, price, place, and promotion decisions for a company's marketing strategy. It notes that while the 4Ps framework was originally developed in the 1960s, it remains the foundation of analyzing a company's marketing mix today.Chapter-5-Entreprenurial-Marketing-mix.pptx
Chapter-5-Entreprenurial-Marketing-mix.pptxDanicaJoyMolina
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Chapter 5 discusses the marketing mix, focusing on tools like product, price, place, and promotion, and differentiates traditional and entrepreneurial marketing strategies. It highlights the importance of understanding customer needs and utilizing effective pricing methods to maximize profit while navigating competition. The chapter also covers various forms and characteristics of entrepreneurial marketing and the roles of distribution channels and other related marketing activities.Chapter-5: Entreprenurial-Marketing-mix.pptx
Chapter-5: Entreprenurial-Marketing-mix.pptxDanicaJoyMolina
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Chapter 5 focuses on the marketing mix essential for businesses, emphasizing the four key tools: product, price, place, and promotion. It discusses the distinctions between traditional and entrepreneurial marketing, introduces various marketing forms like guerrilla and ambush marketing, and highlights the importance of understanding customer needs to enhance value. Overall, it outlines strategies for setting prices, product distribution, and the significance of building brand awareness in a competitive market.CUSTOMER SATISFACTION 69CUSTOMER SATISFACTION 69 (16 CH.docx
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The document discusses the importance of the marketing mix in the hospitality industry, which includes traditional elements like price, product, place, and promotion, as well as a modified hospitality marketing mix with additional components like presentation and communication. It emphasizes the need for effective integration of these elements to meet consumer needs and achieve organizational goals. Additionally, it addresses service failures, customer complaints, and recovery strategies to enhance customer satisfaction and retention.Ad
The marketing mix
- 1. The marketingmix is a business tool used in marketing and bymarketers.The marketing mixis often crucial when determining a product or brand's offer, and is often associated with the four P's: price, product, promotion, and place.[1] In service marketing,however, the four Ps are expanded to the seven P's [2] or eight P's to address the different nature of services. In the 1990s,the conceptof four C's was introduced as a more customer-driven replacementoffour P's.[3] There are two theories based on four Cs:Lauterborn's four Cs (consumer, cost, communication,convenience),and Shimizu's four Cs (commodity,cost,communication, channel). In 2012, a new four P's theory was proposed with people,processes,programs,and performance.[4] History In his paper "The Conceptof the Marketing Mix", Neil Borden reconstructed the historyof 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 byothers,sometimes prepares his own recipe as he goes along,sometimes adapts a recipe from immediatelyavailable ingredients,and at other times invents new ingredients no one else has tried. McCarthy's four Ps The marketer E. Jerome McCarthy proposed a four Ps classification in 1960,which has since been used by marketers throughoutthe world.[3] Category Definition Product A product is seen as an item that satisfies whata consumer demands.It is a tangible good or an intangible service.Tangible products are those thathave an independentphysical existence. Typical examples ofmass-produced,tangible objects are the motor car and the disposable razor. A less obvious butubiquitous mass-produced service is a computer operating system. Every productis subjectto a life-cycle including a growth phase followed by a maturity phase and finally an eventual period of decline as sales fall.Marketers mustdo careful research on how long the life cycle of the productthey are marketing is likelyto be and focus their attention on different challenges that arise as the productmoves. The marketer mustalso consider the productmix. Marketers can expand the current productmix by increasing a certain productline's depth or by increasing the number ofproductlines. Marketers should consider how to position the product,how to exploit the brand,how to exploit the company's resources and how to configure the product mix so that each product complements the other.The marketer must also consider productdevelopmentstrategies.[3] Price The amounta customer pays for the product. The price is very importantas it determines the company's profitand hence,survival. Adjusting the price has a profound impacton 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 seta price that complements the other elements ofthe marketing mix.[3]
- 2. When setting a price, the marketer mustbe aware of the customer perceived value for the product. Three basic pricing strategies are: marketskimming pricing,market penetration pricing and neutral pricing.The 'reference value' (where the consumer refers to the prices of competing products) and the 'differential value' (the consumer's view of this product's attributes versus the attributes of other products) mustbe taken into account.[3] Promotion All of the methods ofcommunication thata marketer may use to provide information to different parties aboutthe product.Promotion comprises elements such as:advertising,public relations,sales organisation and sales promotion.[3] Advertising covers any communication thatis paid for, from cinema commercials,radio and Internet advertisements through print media and billboards.Public relations is where the communication is notdirectlypaid for and includes press releases,sponsorship deals, exhibitions,conferences, seminars or trade fairs and events. Word-of-mouth is any apparently informal communication aboutthe productby ordinary individuals,satisfied customers or people specificallyengaged to create word of mouth momentum.Sales staffoften plays an importantrole in word of mouth and public relations (see 'product'above).[3] Distribution(Place) Refers to providing the product at a place which is convenientfor consumers to access. Various strategies such as intensive distribution,selective distribution,exclusive distribution and franchising can be used by the marketer to complementthe other aspects ofthe marketing mix.[3][8] The "seven Ps"is a marketing model thatadds to the aforementioned four Ps,including "physical evidence", "people",and "process":[9] It is used when the relevant product is a service,not merely a physical good. Category Definition Physical evidence The evidence which shows thata service was performed,such as the delivery packaging for the item delivered by a delivery service,or a scar left by a surgeon.This reminds or reassures the consumer that the service took place,positively or negatively. People The employees thatexecute the service, chiefly concerning the manner and skill in which they do so. Process The processes and systems within the organization thataffect the execution of its service, such as job queuing or query handling.