The marketing mix is the collection of tactical marketing instruments that may be controlled and used by a business to elicit a specific response from its target market.
What is marketing mix ?
- A foundational business model known as the "marketing mix" has historically focused on the four Ps of product, price, place, and promotion. The phrase "collection of marketing instruments that the firm utilises to pursue its marketing objectives in the target market" refers to the marketing mix.
- Early in the twenty-first century, marketing theory first appeared. The modern marketing mix was initially published in 1984 and has since evolved into the framework for all marketing management choices. An extended marketing mix is utilised in services marketing, often consisting of 7 Ps, which are made up of the basic 4 Ps plus process, people, and physical evidence. There are times when service marketers will use the term "8 Ps," which includes these 7 Ps plus performance.
- E. Jerome McCarthy, a marketing professor and author, initially presented the four Ps classification for creating a successful marketing plan in 1960. Marketing managers may use different strategies for each of the four Ps depending on the industry and the marketing plan's target audience.
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