Market Mix

(noun)

is a business tool used to determine a product or brand's offering in price, product, promotion and place.

Related Terms

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  • electronic commerce

Examples of Market Mix in the following topics:

  • A Brief Definition

    • Promotion – how the producer communicates the value of its products – is one of the market mix elements.
    • Promotion – how the producer communicates the value of its products – is one of the market mix elements.
    • There are five elements an organization may choose to include in its promotional mix or promotional plan.
    • These elements are personal selling, advertising, sales promotion, direct marketing, and publicity.
  • Creating a Marketing Mix

    • By profiling customers and determining goals and tactics, you can create a marketing mix that will help you succeed in building a strong customer base.
    • To do so, managers use a technique called the "Marketing Mix" (commonly called the four P´s):
    • The key is to choose a marketing mix that is efficient.
    • To create a viable marketing mix, a company must first know its customer, goals, and budget.
    • State the information to consider when deciding on a marketing mix
  • Characteristics of the Product

    • The unique characteristics of a product should be used as inputs in determining the product's marketing mix.
    • Product characteristics help determine the marketing mix, potential target market and the pricing of a product.
    • It is the combination of demand for a product and its price that help determine the marketing mix.
    • In addition, different marketing strategies are used depending on the target market.
    • Examine how the characteristics of a product impacts the selection of a promotional mix
  • The Marketing Mix

    • The marketing mix is used to reach a target market and is often referred to as the "four Ps" of marketing: product, price, promotion, and place.
    • This is an example of a model of a green marketing-mix applying the "four Ps."
    • The marketing mix is a business tool used in marketing and by marketers.
    • The marketer must also consider the product mix.
    • The marketer should set a price that complements the other elements of the marketing mix.
  • Promotional Objectives

    • There are three main promotional objectives: inform the market, increase demand, and differentiate a product.
    • The promotion mix is an element of the marketing mix.
    • Information about the product will differ depending on the specific target market.
    • Differentiate a product: This is especially important if there are multiple competitors in the same market.
    • In order for a market to accept a new product they need to know how it address their pain point.
  • Marketing Performance Metrics

    • Building a knowledge base of current and historic data that help drive marketing mix decisions and steer the company through rapidly changing market conditions
    • Moreover, industry experts have developed various metrics – notably, return on marketing investment (ROMI) – to help marketers measure the performance of activities across the marketing mix.
    • ROMI, a relatively new metric, is marketing contribution attributable to marketing (net of marketing spending), divided by the marketing "invested" or risked.
    • [Incremental Revenue Attributable to Marketing * Contribution Margin (%) - Marketing Spending] / Marketing Spending ($)
    • Nevertheless, in most cases, a simple determination of revenue per dollar spent for each marketing activity can be sufficient to help make important decisions to improve the entire marketing mix.
  • Product Line Breadth

    • The product mix breadth is five.
    • Who will be the target customers (i.e., the boundaries of the market segments to be served)?
    • The product mix of a company is generally defined as the complete set of all products a business offers to a market.
    • For example, all the courses a university offers constitute its product mix, courses in the marketing department constitute a product line, and the principles of marketing course is a product item.
    • Describe the relationship between product line breadth and the product marketing mix
  • Mixed Economies

    • A mixed economy is a system that embraces elements of centrally planned and free market systems.
    • A mixed economy is a system that embraces elements of centrally planned and free market systems.
    • While there is no single definition of a mixed economy, it generally involves a degree of economic freedom mixed with government regulation of markets.
    • As a result, the market is generally the dominant form of economic coordination.
    • However, to mitigate the negative influence that a pure market economy has on fairness and distribution, the government strongly influences the economy through direct intervention in a mixed economy.
  • The Promotion Mix

    • There are five (sometimes six) main aspects of a promotional mix: Advertising, Personal selling, Sales promotion, Public relations, and Direct marketing.
    • There are five (sometimes six) main aspects of a promotional mix .
    • Corporate image may be considered as a sixth aspect of promotion mix.
    • The Image of an organization is a crucial point in marketing.
    • New Media is also sometimes considered an element of the promotion mix.
  • Mixed Economies

    • A Mixed Economy exhibits characteristics of both market and planned economies, with private and state sectors providing direction.
    • A mixed economy is an economic system in which both the state and private sector direct the economy, reflecting characteristics of both market economies and planned economies.
    • Most mixed economies can be described as market economies with strong regulatory oversight, in addition to having a variety of government-sponsored aspects .
    • While there is not one single definition for a mixed economy, the definitions always involve a degree of private economic freedom mixed with a degree of government regulation of markets.
    • Outline the plan behind and what governments provide in a mixed economy
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