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Marketing mix modeling (MMM) is an analytical approach that uses historic information to quantify impact of marketing activities on sales. Example information that can be used are syndicated point-of-sale data (aggregated collection of product retail sales activity across a chosen set of parameters, like category of product or geographic market) and companies’ internal data.
Direct Marketing is a channel-agnostic form of advertising that allows businesses and nonprofits to communicate directly to the customer, with methods such as mobile messaging, email, interactive consumer websites, online display ads, fliers, catalog distribution, promotional letters, and outdoor advertising.
The marketing mix is the set of controllable elements or variables that a company uses to influence and meet the needs of its target customers in the most effective and efficient way possible. These variables are often grouped into four key components, often referred to as the "Four Ps of Marketing."
In today's competitive business environment, effective marketing strategies play a pivotal role in promoting products or services to target audiences. The advent of digital platforms has further intensified competition among businesses, making it imperative for companies to employ innovative and impactful marketing techniques.
These are personal selling, advertising, sales promotion, direct marketing, publicity, word of mouth and may also include event marketing, exhibitions and trade shows. [2] A promotional plan specifies how much attention to pay to each of the elements in the promotional mix, and what proportion of the budget should be allocated to each element.
A marketing mix is a foundational tool used to guide decision making in marketing. The marketing mix represents the basic tools that marketers can use to bring their products or services to the market. They are the foundation of managerial marketing and the marketing plan typically devotes a section to the marketing mix.
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