Marketing Mix - Explained
What is a Marketing Strategy?
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What is the Marketing Mix?
The marketing mix is made up of the 4 Ps of marketing. These include:
- Product - The value proposition being offered
- Price - The price charged for the product
- Place - Where the product will be offered and how it will be offered in the market(s)
- Promotion - How potential customers will be made aware of the business, brand, or product.
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Back to: STRATEGY & PLANNING
Back to: Entrepreneurship
What is Marketing Strategy?
In the previous material, we discussed the methods and procedures for developing a competitive strategy. These same strategies can be used to develop a competitive marketing strategy. Recall that the process is as follows:
- Identify potential strategies
- Undertake a SWOT analysis to determine your potential to execute any given strategy.
- Undertake a Porters Five Forces analysis to determine where you stand in the market.
- Use this information to develop or choose a strategy that fits your ability.
Part of the marketing strategy necessary deals with allocating your resources efficiently to achieve your marketing function. The most common and well-known model for strategically allocating marketing resources is known as the 4 Ps or 5 Ps (some break the plan into as many as 8 Ps). The 5 P framework assigns market attributes into one of these five categories in order to employ them in an organized manner. You will allocate your resources consistently with your business strategy.
- What is a Marketing Strategy (Marketing Mix)?
- 4Ps (sometimes 5, 6, or 7 Ps) of Marketing Definition
- Marketing 4 Ps - What is Product?
- Marketing 4 Ps - What is Placement?
- Marketing 4 Ps - What is Price?
- Marketing 4 Ps - What is Promotion?
- Marketing 4 Ps - What is Packaging?
- Marketing 4 Ps - What is Process?
- Elements of a Good Marketing Strategy?
- What is a Marketing Plan?
- Outline for Marketing Plan
- The Mission and Product/Service Statement
- Situation Analysis
- Target Market
- Marketing Objectives and Goals
- Marketing Strategy
- Action Plan
- Organizational Strategies
- Growth-Based (Expansion) Strategies
- Inorganic Growth
- Organic Growth
- Integration or Combination (Horizontal and Vertical)
- Asset Acquisition Strategy Definition
- Horizontal Integration - Explained
- Backward Integration - Explained
- Cooperative Strategy
- Consortium Definition
- Stability and Retrenchment Strategies
- Competitive Strategies
- Contestable Market Theory
- Value Disciplines
- Porter's Generic Strategies
- Differentiation (Strategy)
- Niche Market Strategy
- Long Tail
- Low-Cost Production
- Resource-Based View of the Firm
- Resource Dependency Theory
- Ansoff Matrix
- Customer-Centric Strategy
- Blue Ocean Strategy
- Overfished Ocean Strategy
- Hedgehog Concept (Strategy)
- Innovation Strategy
- Bleeding Edge
- 3 Horizons of Growth
- Disintermediation (Strategy)
- Strategic Alliance
- Coopetition (Strategy)
- Loss Leader Strategy
- Lean Strategy
- Game Theory Perspectives
- Functional Strategies
- Marketing Strategy
- Zero-Cost Strategy Definition
- Mobile First Strategy Definition
- Operational Strategy