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Marketing Mix (4Ps)

Marketing Mix Definition of the 4P's and 7P's

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BREAKING DOWN 'Marketing Mix'

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Marketing intelligence is the external data collected by a company about a specific market which it wishes to enter, to make decisions.

It is the first set of data which the company analyses before making any investment decision. Marketing intelligence is usually the first data set analysed by a company about a specific market. It could be related to population age in that area, infrastructure facilities, spending habits of consumers, state or government regulations etc.

Marketing intelligence is all about gathering information on various data sets, analysing the information, breaking down the data into small subsets and the distribution of information to the relevant department of the company.

A purchase department in a company would need a different data set under marketing intelligence, while a sales department would need something different.

There are four main corner stones of marketing intelligence. The first one is competitor intelligence, the others are product intelligence, market understanding and customer understanding. It is about analyzing strengths and weaknesses of the competitor. The basic goal of competitive intelligence is to make better business decisions. Product Intelligence is related to gathering information about your own product.

The focus around product intelligence is on gathering information about the quality and performance of the product. This is usually an automated process. With the help of this knowledge, the company tries and makes the user experience better or makes changes in the product itself to make it safer or add new features.

Market Understanding is a concept wherein the company tries to understand the performance of the product in which it is already operating as well as looks at other markets where it wants to launch its product thoroughly. Finally, understanding the customer is the utmost important aspect in the life of any product. It is key to the success of the product pre- and post-sales.

Markets A market is defined as the sum total of all the buyers and sellers in the area or region under consideration. The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. However, nowadays, the marketing mix increasingly includes several other Ps like Packaging, Positioning, People and even Politics as vital mix elements.

What are the 4Ps of marketing? It depends on costs of production, segment targeted, ability of the market to pay, supply - demand and a host of other direct and indirect factors. There can be several types of pricing strategies, each tied in with an overall business plan. Pricing can also be used a demarcation, to differentiate and enhance the image of a product.

The product must deliver a minimum level of performance; otherwise even the best work on the other elements of the marketing mix won't do any good. In every industry, catching the eye of the consumer and making it easy for her to buy it is the main aim of a good distribution or 'place' strategy. Retailers pay a premium for the right location. In fact, the mantra of a successful retail business is 'location, location, location'.

This can include advertising, word of mouth, press reports, incentives, commissions and awards to the trade. It can also include consumer schemes, direct marketing, contests and prizes.

What is a 'Marketing Mix'

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Definition: The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. The 4Ps make up a typical marketing mix - Price, Product, Promotion and Place.

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A planned mix of the controllable elements of a product's marketing plan commonly termed as 4Ps: product, price, place, and promotion. These four elements are adjusted until the right combination is found that serves the needs of the product's customers, while generating optimum income.

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marketing mix The range of measures used by firms to market their products to buyers. Important facets of the marketing mix are the 4 Ps: product, price, promotion and place. The marketing mix definition is simple. It is about putting the right product or a combination thereof in the place, at the right time, and at the right price. It is about putting the right product or a combination thereof in the .

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The marketing mix is a business tool used in marketing products. The marketing mix is often crucial when determining a product or brand's unique selling point (the unique quality that differentiates a product from its competitors), and is often synonymous with the four Ps: price, product, promotion, and place; in recent times, however, the four Ps have . Definition: Marketing Mix (4Ps) Marketing Mix is a strategy which a company uses to formulate a product/service offering for its customers. Marketing mix strategy is created using the 4Ps of marketing - Product, Place, Price, Promotion and 7Ps in case of service- Physical Evidence, People, term Marketing Mix is attributed to Neil .