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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.
Mass communication has led to modern marketing strategies to continue focusing on brand awareness, large distributions and heavy promotions. [8] The fast-paced environment of digital media presents new methods for promotion to utilize new tools now available through technology.
Edmund Jerome McCarthy (February 20, 1928 – December 3, 2015) was an American marketing professor and author. 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.
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.
Overall, niche marketing is a great marketing strategy for firms, mainly small and medium-sized firms, as it is a specific and straightforward marketing approach. Once a firm's niche is identified, a team or marketers can then apply relevant marketing to satisfy that niche's wants and demands. [32]
A platform functions as a similar principle in marketing communications, providing awareness and information about a specific brand or product. [21] Strategic selection of various communication platforms is known as a media strategy which aims to engage an audience in a conversation and, as a result, attempt to create a lasting relationship. [32]
A marketing plan is a plan created to accomplish specific marketing objectives, outlining a company's advertising and marketing efforts for a given period, describing the current marketing position of a business, and discussing the target market and marketing mix to be used to achieve marketing goals.
Marketing strategy refers to efforts undertaken by an organization to increase its sales and achieve competitive advantage. [1] In other words, it is the method of advertising a company's products to the public through an established plan through the meticulous planning and organization of ideas, data, and information.