The ability to standardize a marketing mix is one that many marketers will look toward when trying to implement a marketing plan for different businesses, products and services. The foundational concepts of a marketing mix include specific ideas and actions that can be…
More importantly than the basics of the marketing mix for an organization is the ability to use innovative tools and concepts that will help a business brand identity to stand out from others. The ability to use creativity is one that has to balance with the foundational principles of a marketing mix to build an effective campaign.
The marketing mix began to be incorporated into businesses at the beginning of the industrial revolution, specifically to reach different types of customers and the needs that were a part of this. As the marketing mix developed, it was able to create a specific appeal to business brand products and services. More importantly, it was able to help customers recognize the different brands that were used through the use of communication of the product and different levels of implementation for an advertising campaign. To do this effectively, marketers began to use a basic structure that was able to define exactly what a consumer was looking for in terms of advertising. The company, competitors, collaborators, customers and context are the five elements that are often considered with marketing and provide a stronger basis for creating value. From the different elements, marketers are able to create a stronger set of tactics and opportunities for the correct type of advertising and marketing (Chernev, 8, 2007).
From the basic concept of the marketing mix, are several marketers that have developed the specific elements that are used to ensure that communication is provided through a set of formulas. The different levels of implementation that are used are divided specifically by the main and foundational principles that create a specific marketing plan. The most standardized option that is used for those that are using the marketing mix is known as the 4 Ps. The first “p” stands for ...
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These are explained below:
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