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For each product or service, the 'area' of the circle represents the value of its sales. The growth–share matrix thus offers a "map" of the organization's product (or service) strengths and weaknesses, at least in terms of current profitability, as well as the likely cashflows. Common spreadsheet applications can be used to generate the matrix.
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.
Digital marketing mix is fundamentally the same as Marketing Mix, which is an adaptation of Product, Price, Place and Promotion into digital marketing aspect. [48] Digital marketing can be commonly explained as 'Achieving marketing objectives through applying digital technologies'.
The retail marketing mix typically consists of six broad decision layers including product decisions, place decisions, promotion, price, personnel and presentation (also known as physical evidence). The retail mix is loosely based on the marketing mix , but has been expanded and modified in line with the unique needs of the retail context.
Stock mix or Product mix is the combination of products a company sells or manufactures. The product mix is determined by the demand for certain products and the profitability of those products. [1] There are companies like Pepsi and Coca-Cola that have a very large and diverse product mix.
5. Impractical to assume sales mix remain constant since this depends on the changing demand levels. 6. The assumption of linear property of total cost and total revenue relies on the assumption that unit variable cost and selling price are always constant. In real life it is valid within relevant range or period and likely to change. [2]
As mentioned above, the width of product mix is referred to as the total number of product lines that the company offers. A diversified product mix can target the maximum number of customers, however, such numbers of product lines requires much attention and focus as each product line targets different groups of consumers and involves individual strategy and management.
Product planning (or product discovery) is the ongoing process of identifying and articulating market requirements that define a product's feature set. [1] It serves as the basis for decision-making about price, distribution and promotion.