marketing mix

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Marketing Mix Marketing mixThe marketing mix consists of four basic elements called the four Ps mix - HistoryIn his paper "The Concept of the Marketing Mix", Neil Borden reconstructed the history of the term "marketing mix". He started teaching the term after an associate, James Culliton, described the role of the marketing manager in 1948 as a "mixer of ingredients"; one who sometimes follows recipes prepared by others, sometimes prepares his own recipe as he goes along, sometimes adapts a recipe from immediately available ingredients, and at other times invents new ingredients no one else has tried. mix - McCarthy's Four PsPriceThe amount a customer pays for the product. The price is very important as it determines the company's profit and hence, survival. Adjusting the price has a profound impact on the marketing strategy, and depending on the price elasticity of the product, often it will affect the demand and sales as well. The marketer should set a price that complements the other elements of the marketing mix. mix - McCarthy's Four PsDistribution (Place)Refers to providing the product at a place which is convenient for consumers to access. Various strategies such as intensive distribution, selective distribution, exclusive distribution and franchising can be used by the marketer to complement the other aspects of the marketing mix. mix - Four Cs: in the Seven Cs Compass ModelA formal approach to this customer-focused marketing mix is known as Four Cs (Commodity, Cost, Communication, Channel) in the Seven Cs Compass Model. The four Cs Model provides a demand/customer centric version alternative to the well-known four Ps supply side model (product, price, promotion, place) of marketing management. mix - Four Cs: in the Seven Cs Compass ModelIn particular, the seven Cs inclusion of consumers in the marketing mix is criticized, since they are a target of marketing, while the other elements of the marketing mix are tactics marketing - The green marketing mix A model green marketing mix contains four P's: marketing - Marketing mix 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.Marketing Nutrition: Soy Functional Foods, Biotechnology, and Obesity, (2007), Brian Wansink, Champaign, IL: University of Illinois Press - Marketing mixThe marketing mix has been a key concept to advertising, it was proposed by professor E. Jerome McCarthy in the 1960s. The marketing mix consists of four basic elements called the four P's. mix'The marketing mix' is a business tool used in marketing and by marketing professionals. The marketing mix is often crucial when determining a product or brand's offer, and is often associated with the 'four Ps': price, product, promotion, and place. In service marketing, however, the four Ps are expanded to the 'seven Ps' or 'eight Ps' to address the different nature of services. mix - HistoryIn his paper The Concept of the Marketing Mix, Neil Borden reconstructed the history of the term marketing mix. mix - Four Cs: in the 7Cs Compass Model *A formal approach to this customer-focused marketing mix is known as Four Cs (commodity, cost, communication, Marketing channel|channel) in the Seven Cs Compass Model mix modeling'Marketing mix modeling' (MMM) is a term of art for the use of statistical analysis such as multivariate statistics|multivariate Linear regression|regressions on sales and marketing time series data to estimate the impact of various marketing tactics (marketing mix) on sales and then forecast the impact of future sets of tactics. It is often used to optimize advertising mix and promotional tactics with respect to sales revenue or profit. mix modeling - History1960), was the first person to suggest the four P's of marketing price, promotion, product and place (distribution) which constitute the most common variables used in constructing a marketing mix mix modeling - HistoryAnother set of marketing mix variables were developed by Albert Frey (Frey, A. 1961) who classified the marketing variables into two categories: the offering, and process variables. The offering consists of the product, service, packaging, brand, and price. The process or method variables included advertising, promotion, sales promotion, personal selling, publicity, distribution channels, marketing research, strategy formation, and new product development. mix modeling - Marketing mix modelMarketing mix modeling is an analytical approach that uses historic information, such as syndicated point-of-sale data and companies internal data, to quantify the sales impact of various marketing activities mix modeling - Marketing mix modelThe creation of variables for Marketing Mix Modeling is a complicated affair and is as much an art as it is a science mix modeling - LimitationsWhile marketing mix models provide much useful information, there are two key areas in which these models have limitations that should be taken into account by all of those that use these models for decisionmaking purposes. These limitations, discussed more fully below, include: mix modeling - LimitationsThe second limitation of marketing mix models comes into play when advertisers attempt to use these models to determine the best media allocation across different media types More Information, Visit: Art of Service