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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:
For example, a media mix model can help understand and optimize allocation on television spend to improve sales. In contrast, marketing mix modeling is a broader approach that uses all marketing mix elements, such as media channels, product promotions, pricing, distribution, public relations, sponsorships, coupons, and in-store events. [10]
Distribution (or place) is one of the four elements of the marketing mix: the other three elements being product, pricing, and promotion. Decisions about distribution need to be taken in line with a company's overall strategic vision and mission. Developing a coherent distribution plan is a central component of strategic planning. At the ...
The marketing mix, which outlines the specifics of the product and how it will be sold, including the channels that will be used to advertise the product, [7] [8] is affected by the environment surrounding the product, [9] the results of marketing research and market research, [10] [11] and the characteristics of the product's target market. [12]
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.
Borden's continued and consistent use of the phrase, "marketing mix," contributed to the process of popularising the concept. The "marketing mix" concept gained widespread acceptance with the publication, in 1960, of E. Jerome McCarthy 's text, Basic Marketing: A Managerial Approach which outlined the ingredients in the mix as the memorable 4 ...
Prior to the publication of McCarthy's text, the concept of a marketing mix was being debated, however, there was little consensus among marketers about what elements should comprise the marketing mix. [20] [21] They relied on checklists or lengthy classifications of factors that needed to be considered to understand consumer responses. [22]
The AIDA marketing model is a model within the class known as hierarchy of effects models or hierarchical models, all of which imply that consumers move through a series of steps or stages when they make purchase decisions. These models are linear, sequential models built on an assumption that consumers move through a series of cognitive ...