Market Mix

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