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Marketing Mix

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❶This is what all marketing managers want to see from the money they spend on their marketing and advertising campaigns. Some are used as online diaries, but others may be corporate.

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CSR Compendium Touching lives of many. ET EnergyWorld A one stop platform that caters to the pulse of the pulsating energy. NIFTY 50 11, Drag according to your convenience. Suggest a new Definition Proposed definitions will be considered for inclusion in the Economictimes. 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 the importance of the marketing mix?

All the elements of the marketing mix influence each other. They make up the business plan for a company and handled right, can give it great success. But handled wrong and the business could take years to recover. The marketing mix needs a lot of understanding, market research and consultation with several people, from users to trade to manufacturing and several others.

How does Marketing Mix help your business? My Saved Definitions Sign in Sign up. Find this comment offensive? This will alert our moderators to take action Name Reason for reporting: Ambient advertising is all about creativity, and how effectively the advertiser is able to communicate the message. Conspicuous consumption is the practice of purchasing goods or services to publicly display wealth rather than to cover basic needs. The word 'Conspicuous' here means lavish or wasteful spending.

This kind of spending is generally made by people who have considerable amount of disposable income to spend on goods and services which are not necessary, but are more luxurious in nature. Market concentration is used when smaller firms account for large percentage of the total market.

It measures the extent of domination of sales by one or more firms in a particular market. The market concentration ratio is measured by the concentration ratio. The market concentration ratio measures the combined market share of all the top firms in the industry. Cash Cow is one of the four categories under the Boston Consulting Group's growth matrix that represents a division which has a big market share in a low-growth industry or a sector.

It is referred to an asset or a business, which once paid off, will continue giving consistent cash flows throughout its life. A Cash Cow is a metaphor used for a business or a product, which exhibits.

Choose your reason below and click on the Report button. This will alert our moderators to take action. Get instant notifications from Economic Times Allow Not now You can switch off notifications anytime using browser settings. Infosys to buy Nordic-based Fluido for 65 million euros. Panache Google to pull the plug on 'Inbox' next March, points users to shift to Gmail. Vodafone Business Services Digilogue - Your guide to digitally transforming your business. TomorrowMakers Let's get smarter about money.

CSR Compendium Touching lives of many. ET EnergyWorld A one stop platform that caters to the pulse of the pulsating energy. NIFTY 50 11, Drag according to your convenience. Suggest a new Definition Proposed definitions will be considered for inclusion in the Economictimes.

Pricing Strategies A pricing strategy takes into account segments, ability to pay, market conditions, competitor actions, trade margins and input costs, amongst others. Product Life Cycle Product life cycle is the cycle through which every product goes through from introduction to withdrawal or eventual demise. Each product has a useful life after which it needs replacement, and a life cycle after which it has to be re-invented.

In FMCG parlance, a brand can be revamped, re-launched or extended to make it more relevant to the segment and times, often keeping the product almost the same. A product needs to be relevant: A product needs to be functionally able to do what it is supposed to, and do it with a good quality. A product needs to be communicated: Users and potential users must know why they need to use it, what benefits they can derive from it, and what it does difference it does to their lives.

Advertising and 'brand building' best do this. A product needs a name:

BREAKING DOWN 'Marketing'

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Marketing is a very diverse industry. At its core, marketing is any activity of a company associated with buying or selling a project or service. Marketing professionals can work for large or small companies as in-house marketing professionals or, work for one of the thousands of marketing companies nationwide.

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(strategic marketing definition) The acquiring by one firm of other technology (process, facility, or material), product rights (trademarks), . Marketing Terms & Definitions Complexity and speed of change is challenging enough for Marketers. Marketing professionals don’t need to struggle finding the most current terminology and its meaning.

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marketing automation – the use of software to automate repetitive tasks related to marketing activities and connect different parts of the marketing funnel. marketing plan – the part of the business plan outlining the marketing strategy for a product or service. Marketing refers to the activities of a company associated with buying and selling a product or service. It includes advertising, selling and delivering products to people.