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Unavailable for purchase. Continue shopping Checkout Continue shopping. Chi ama i libri sceglie Kobo e inMondadori. The "marketing mix" gained widespread acceptance with the publication, in , of E.

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Jerome McCarthy 's text, Basic Marketing: A Managerial Approach which outlined the ingredients in the mix as the memorable 4 Ps, namely product, price, place and promotion. The successful use of the model is predicated upon the degree to which the target market's needs and wants have been understood, and the extent to which marketers have developed and correctly deployed the tactics. Today, the marketing mix or marketing program is understood to refer to the "set of marketing tools that the firm uses to pursue its marketing objectives in the target market".

The traditional marketing mix refers to four broad levels of marketing decision, namely: product , price , promotion , and place. Morgan, in Riding the Waves of Change Jossey-Bass, , suggests that one of the greatest limitations of the 4 Ps approach "is that it unconsciously emphasizes the inside—out view looking from the company outwards , whereas the essence of marketing should be the outside—in approach".

An inside-out approach is the traditional planning approach where the organisation identifies its desired goals and objectives which are often based around what has always been done. Marketing's task then becomes one of "selling" the organisation's products and messages to the "outside" or external stakeholders. From a model-building perspective, the 4 Ps has attracted a number of criticisms.

Well-designed models should exhibit clearly defined categories that are mutually exclusive, with no overlap. Yet, the 4 Ps model has extensive overlapping problems. Some of the Ps are only defined in vague terms. Several authors stress the hybrid nature of the fourth P, mentioning the presence of two important dimensions, "communication" general and informative communications such as public relations and corporate communications and "promotion" persuasive communications such as advertising and direct selling.

Certain marketing activities, such as personal selling, may be classified as either promotion or as part of the place i. Other important criticisms include that the marketing mix lacks a strategic framework and is therefore unfit to be a planning instrument, particularly when uncontrollable, external elements are an important aspect of the marketing environment. To overcome the deficiencies of the 4 P model, some authors have suggested extensions or modifications to the original model. Extensions of the four P's include "people", "process", and "physical evidence" and are often applied in the case of services marketing [50] Other extensions have been found necessary in retail marketing, industrial marketing and internet marketing:.

A firm's marketing environment consists of three main areas, which are:. A firm's marketing macro-environment consists of a variety of external factors that manifest on a large or macro scale. These are typically economic, social, political or technological phenomena. Within a PESTLE analysis , a firm would analyze national political issues, culture and climate, key macroeconomic conditions, health and indicators such as economic growth, inflation , unemployment , etc.

A firm's micro-environment comprises factors pertinent to the firm itself, or stakeholders closely connected with the firm or company.

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By contrast to the macro-environment, an organization holds a greater degree of control over these factors. A firms internal environment consists of factors inside of the actual company. These are factors controlled by the firm and they affect the relationship that a firm has with its customers. These include factors such as:. Marketing research is a systematic process of analyzing data which involves conducting research to support marketing activities, and the statistical interpretation of data into information.

This information is then used by managers to plan marketing activities, gauge the nature of a firm's marketing environment and to attain information from suppliers. A distinction should be made between marketing research and market research.

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Market research pertains to research in a given market. As an example, a firm may conduct research in a target market, after selecting a suitable market segment.

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In contrast, marketing research relates to all research conducted within marketing. Market research is a subset of marketing research. Marketing researchers use statistical methods such as quantitative research , qualitative research , hypothesis tests , Chi-square tests , linear regression , correlation coefficients , frequency distributions , Poisson and binomial distributions , etc. Market segmentation consists of taking the total heterogeneous market for a product and dividing it into several sub-markets or segments, each of which tends to be homogeneous in all significant aspects.

Market segmentation is conducted for two main purposes, including:.