Single marketing mix

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Category: Denmark
Added: 15.03.2021
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And if even one element is off the mark, a promising product or service can fail completely and end up costing the company substantially. The marketing mix is a crucial tool to help understand what the product or service can offer and how to plan for a successful product offering. But the 4Ps serve as a great place to start planning for the product or even to evaluate an existing product offering. The product is either a tangible good or an intangible service that is seem to meet a specific customer need or demand.
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Target Marketing: Four Generic Target Marketing Strategies

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Target Marketing: Four Generic Target Marketing Strategies

The term is attributed to Neil Bordon. The term is named because it suggest how a marketer mixes various elements Product, Price, Place, Promotion etc. The main objective of marketing mix strategy is to make the right product at correct price at the right place with right promotion.
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The term ' marketing mix' is a foundation model for businesses, historically centered around product, price, place, and promotion [1] also known as the "4 Ps". The marketing mix has been defined as the "set of marketing tools that the firm uses to pursue its marketing objectives in the target market". Marketing theory emerged in the early twentieth century. The contemporary marketing mix which has become the dominant framework for marketing management decisions was first published in In the s, the model of 4 Cs was introduced as a more customer-driven replacement of the 4 Ps.

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