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A complete guide to
Marketing Mix Modeling

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Last modified: April 8, 2019

The singular aim driving all marketing initiatives is to maximise the ROI on the production, sales and distribution of a certain product or service. Effective marketing can therefore be defined as having the right product at the right time at the right place and available at the right price. The concept of a marketing mix strategy, was first proposed in 1960 by marketing expert Edmund Jerome McCarthy. The marketing mix elements can be broken down into:

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Product

A product can be either a tangible product or an intangible service that meets a specific customer need or demand.

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Price

Price is the actual amount the customer is expected to pay for the product.

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Promotion

Promotion includes marketing communication strategies like advertising, offers, public relations, etc.

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Place

Place refers to where a company sells their product and how it delivers the product to the market.

The importance of developing a marketing mix lies in the fact that the success or failure of a product or service in the market can also be traced back to how accurate and efficient its marketing mix was. Here is a complete guide to everything your company needs to know about the importance of creating a marketing mix and how to develop a winning marketing mix strategy for your product.

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