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Scholarly definitions of marketing mix concept: Definitions from top scholars like Edmund Jerome McCarthy and Neil Borden.
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Integration of Product, Price, Place and Promotion strategies ensures that a firm is capable to launch a product at a competitive price in the market. Studying and applying these 4Ps is known as marketing mix which focuses on preparing a comprehensive marketing plan.
With the markets getting complex day by day, relying on the 4Ps was found inefficient by marketers. Therefore, the concept of 7Ps was introduced, which involves strategic application of Price, Place, Promotion, Product, People, Process and finally, Physical Evidence.
The 4Ps, product, place, price and promotion are the key elements of a marketing mix, although there are 10 steps required to draft a marketing mix plan.
It starts with deciding on a budget and goals and objectives of the organisation. The next phase requires identifying the unique selling points to attract the target market. Hence, identifying the target segment of the audience is also a step in the marketing mix, which is followed by defining the product, identifying the distribution criteria and setting up a competitive price. If you want an expert-written marketing mix with adequate diagrams, figures and tables, you can contact Treat Assignment Help.
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