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Marketing mix can be defined as a strategic approach towards elevating the popularity or visibility of a brand, product, or service.This marketing tactic is mostly adopted by companies to endorse its products to the market and consequently to the consumers. Marketing mix comprises an integral position of a company’s marketing plan that ultimately aims to meet business objectives.
Students pursuing a degree in marketing management or simply business management are required to study this topic in details. It is understandable if this topic gets a little confusing from time to time. To help students overcome tricky situations, our company offers Marketing Mix Homework Solutions that are constructed in simple formats. These are easy to comprehend by students who recently introduced to this topic.
Marketing mix was first used by Neil Borden in 1953. Ever since,it has been a major marketing tool chosen by companies before any other plan. Over the years, marketing mix has proven extremely useful in promoting the key services and products of a company and is simply an indispensable part of marketing plans.
The marketing mix is influenced or governed by 4 major parameters. They are namely product, promotion, price, and place. Each of them individually affects the functionality of the marketing mix. If these factors are handled optimally, they can give rise to a successful marketing plan for a business and even go on to ultimately materialize into offering elevated market visibility.
Knowing the importance of these factors is a major requirement when it comes to writing Marketing Mix Homework Solutions. Since these points constitute the basic components of the topic of marketing mix, students must consider understanding them right from the beginning.
Here is a brief explanation of how the 4Ps influence marketing mix-
Product here can be the services, the brands or even new offerings that are being introduced by a company. This forms the primary point for constructing Marketing Mix Assignment Solutions. The company must consider that its product does what it claims and is true its features else any form extensive marketing is sure to fail.
Promotion involves methods to achieve sales targets of the products. In order to harvest sales, the company must consider the applicable consumer base for the products and services. It is important to locate the correct base where the need for the product is visibly high.
The market price of a product is what decides the amount of profit a company can earn from it. Therefore, establishing a fitting worth of a product or service amounts to be the most vital step of the marketing mix.
It is important to make sure that the target consumers for a product can find easy access to it. Marketing mix at this stage aims to increase the availability of the product in places where it is easily obtainable. The choice of counter or place of availability greatly influences the selling process.
These are the central parameters that closely effect marketing mix. In addition to this, factors like Politics, positioning, packaging etc are also seen to stimulate marketing mix. Students must have a brief idea on these to help them find Marketing Mix Assignment Solutions.
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