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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:
He proposed the concept of the 4 Ps marketing mix in his 1960 book Basic Marketing: A Managerial Approach, which has been one of the top textbooks in university marketing courses since its publication. [1] [2] According to the Oxford Dictionary of Marketing, McCarthy was a "pivotal figure in the development of marketing thinking". [3]
In a marketing experiment, you may adjust a value within the 4 P's of marketing, or marketing mix. These consist of product, price, place, and promotion. For example, you may run an experiment in which you compare two prices for the same product, to see whether one price-point results in higher overall revenues compared to the other.
[53] [54] Phillip Kotler, popularised this approach and helped spread the 4 Ps model. [55] [56] McCarthy's 4 Ps have been widely adopted by both marketing academics and practitioners. [57] [58] [59] One version of the marketing mix is the 4Ps method.
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. [11] [12] One reason food manufacturers receive the largest percentage of the retail food dollar is that they provide the most differentiating, value-added service.
Marketing mix is the most important part of marketing strategy, which is "the framework to manage marketing and incorporate it within a business context [6] ". Marketing strategy: how a business achieves its marketing objectives. The initial step to achieve a marketing strategy is to identify the market target and build up a business plan. [6]
Marketing mix modeling (MMM) is an analytical approach that uses historic information to quantify impact of marketing activities on sales. Example information that can be used are syndicated point-of-sale data (aggregated collection of product retail sales activity across a chosen set of parameters, like category of product or geographic market) and companies’ internal data.
These are personal selling, advertising, sales promotion, direct marketing, publicity, word of mouth and may also include event marketing, exhibitions and trade shows. [2] A promotional plan specifies how much attention to pay to each of the elements in the promotional mix, and what proportion of the budget should be allocated to each element.