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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:
On January 11, 2024, Canva launched its own GPT in OpenAI's GPT Store. [35] In March 2024, Canva finalised a share sale at a flat valuation of US$26 billion (A$39.4 billion) for the company, with buyers wanting US$2.4 billion (A$3.6 billion) in shares but purchasing about US$1.6 billion (A$2.4 billion) in that tranche. [36]
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.
The "marketing mix" (also known as the four Ps) is a foundation concept in marketing and has defined the so-called managerial approach since the 1960s. The marketing mix or marketing program is understood to refer to the "set of marketing tools that the firm uses to pursue its marketing objectives in the target market". [40]
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]
The extended marketing mix is used in the marketing of services, ideas and customer experiences and typically refers to a model of 7 Ps and includes the original 4 Ps plus process, physical evidence and people. Some texts use a model of 8 Ps and include performance level (service quality) as an 8th P.
It was designed as a framework to assist researchers to design or evaluate marketing research studies. The name was deliberately chosen to be similar to the Marketing Mix - it also has four Ps. Unlike the marketing mix these elements are sequential and they match the main phases that need to be followed.
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