Marketing Mix Implementation Specialization

Start Date: 07/12/2020

Course Type: Specialization Course

Course Link:

About Course

In this Specialization we will delve into the marketing mix and the skill-set needed to implement successful marketing strategies. Join us and explore the four key concepts of the marketing mix model, also known as the 4Ps: Product (Brand and Product Management), Pricing, Place (Distribution Channel Strategy and Retail) and Promotion (Communication Strategies, PR and Advertising). This course primarily focuses on implementation so you can immediately apply the lessons learned to your work or to a business idea that you are thinking of taking to market. After completing the four courses, you will be able to take part in the Capstone Project where you will have the opportunity to put into practice what you have learned in this specialization by running a real product through the marketing mix.

Course Syllabus

Brand and Product Management
Pricing Strategy
Channel Management and Retailing
Integrated Marketing Communications: Advertising, Public Relations, Digital Marketing and more

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Course Introduction

Take your product through the Marketing Mix. Master the Marketing Mix and take your product to new heights. Marketing Mix Implementation Specialization In this specialization, you will implement a marketing mix in a data-driven fashion, apply segmentation and exclusion of non-core markets, and learn how to develop and manage a marketing portfolio. You will gain a deep understanding of the key assets of a marketing portfolio, and will practice the use of marketing mix in business strategy. Specifically, you will: - Implement a marketing mix in practice - Apply segmentation in practice - Manage a marketing portfolio This course is the specialization that details the implementation of marketing mix in practice. It also covers the full process of implementation of a marketing mix, including setting up the company, going through the process of applying for, and analyzing the contract, and finalizing the product. If you choose to take this specialization, you will gain the knowledge and practice the marketing strategy in practice, as well as the skills necessary to execute the strategy in practice. You will also gain the knowledge and practice to implement the strategy in practice, when the time comes to make a corporate decision.Marketing mix implementation Segmentation and exclusion Segregating and inclusion Market place strategy Marketing Mix Implementation Capstone In this course, you will implement a comprehensive strategy for marketing mix development. You will learn the competitive dynamics and the marketing mix protection strategy in practice. We’ll give you a data-driven overview of the market. We’ll

Course Tag

Pricing Communication Product Management Marketing

Related Wiki Topic

Article Example
Marketing mix The marketing mix (also known as the four Ps) is a foundation concept in marketing. The marketing mix has been defined as the "set of marketing tools that the firm uses to pursue its marketing objectives in the target market". Thus the marketing mix refers to four broad levels of marketing decision, namely: "product", "price", "promotion", and "place". Marketing practice has been occurring for millennia, but marketing theory emerged in the early twentieth century. The contemporary marketing mix, or the 4Ps, which has become the dominant framework for marketing management decisions, was first published in 1960. In services marketing, a modified and expanded marketing mix is used, typically comprising seven Ps made up of the original 4 Ps plus "process", "people", "physical environment". Occasionally service marketers will refer to eight Ps; comprising the 7 Ps plus performance.
Marketing mix Table 2: Outline of the Modified and Expanded Marketing Mix
Marketing mix The original marketing mix, or 4 Ps, as originally proposed by marketer and academic E. Jerome McCarthy, provides a framework for marketing decision-making. McCarthy's marketing mix has since become one of the most enduring and widely accepted frameworks in marketing.
Marketing mix The origins of the four Ps can be traced to the late 1940s. The first known mention of a mix has been attributed to a Professor of Marketing at Harvard University, Prof. James Culliton. In 1948, Culliton published an article entitled, "The Management of Marketing Costs" in which Culliton describes marketers as 'mixers of ingredients'. Some years later, Culliton's colleague, Professor Neil Borden, published a retrospective article detailing the early history of the marketing mix in which he claims that he was inspired by Culliton's idea of 'mixers', and credits himself with popularising the concept of the 'marketing mix'. According to Borden's account, he used the term, 'marketing mix' consistently from the late 1940s. For instance, he is known to have used the term 'marketing mix' in his presidential address given to the American Marketing Association in 1953.
Marketing mix modeling Marketing mix modeling (MMM) is statistical analysis such as multivariate regressions on sales and marketing time series data to estimate the impact of various marketing tactics (marketing mix) on sales and then forecast the impact of future sets of tactics. It is often used to optimize advertising mix and promotional tactics with respect to sales revenue or profit.
Marketing research mix The term Marketing research mix (or the "MR Mix") was created in 2004 and published in 2007 (Bradley - see references). It was designed as a framework to assist researchers to design or evaluate marketing research studies. The name was deliberately chosen to be similar to the Marketing Mix - it also has four Ps. Unlike the marketing mix these elements are sequential and they match the main phases that need to be followed. These four Ps are: Purpose; Population; Procedure and Publication.
Marketing mix It has been criticized for being little more than the four Ps with different points of emphasis. In particular, the seven Cs inclusion of consumers in the marketing mix is criticized, since they are a "target" of marketing, while the other elements of the marketing mix are "tactics". The seven Cs also include numerous strategies for product development, distribution, and pricing, while assuming that consumers want two-way communications with companies.
Marketing mix modeling Marketing-mix models decompose total sales into two components:
Marketing mix The prospect of expanding or modifying the marketing mix first took hold at the inaugural AMA Conference dedicated to Services Marketing in the early 1980s, and built on earlier theoretical works pointing to many important limitations of the 4 Ps concept. Taken collectively, the papers presented at that conference indicate that service marketers were thinking about a revision to the general marketing mix based on an understanding that services were fundamentally different to products, and therefore required different tools and strategies. In 1981, Booms and Bitner proposed a model of 7 Ps, comprising the original 4 Ps plus "process, people" and "physical evidence", as being more applicable for services marketing. Since then there have been a number of different proposals for a service marketing mix (with various numbers of Ps - 6 Ps, 7 Ps, 8 Ps, 9 Ps and occasionally more).
Marketing management Taken together, the company's implementation choices across the 4 Ps are often described as the marketing mix, meaning the mix of elements the business will employ to "go to market" and execute the marketing strategy. The overall goal for the marketing mix is to consistently deliver a compelling value proposition that reinforces the firm's chosen positioning, builds customer loyalty and brand equity among target customers, and achieves the firm's marketing and financial objectives.
Marketing mix modeling Because marketing-mix models suggest a marketing tactic has a positive impact on sales doesn't necessarily mean it has a positive impact on long-term brand equity. Different marketing measures impact short-term and long-term brand sales differently and adjusting the marketing portfolio to maximize either the short-term or the long-term alone will be sub-optimal. For example the short-term positive effect of promotions on consumers’ utility induces consumers to switch to the promoted brand, but the adverse impact of promotions on brand equity carries over from period to period. Therefore the net effect of promotions on a brand’s market share and profitability can be negative due to their adverse impact on brand. Determining marketing ROI on the basis of marketing-mix models alone can lead to misleading results. This is because marketing-mix attempts to optimize marketing-mix to increase incremental contribution, but marketing-mix also drives brand-equity, which is not part of the incremental part measured by marketing-mix model- it is part of the baseline. True 'Return on Marketing Investment' is a sum of short-term and long-term ROI. The fact that most firms use marketing-mix models only to measure the short-term ROI can be inferred from an article by Booz Allen Hamilton, which suggests that there is a significant shift away from traditional media to 'below-the-line' spending, driven by the fact that promotional spending is easier to measure. But academic studies have shown that promotional activities are in fact detrimental to long-term marketing ROI (Ataman et al., 2006). Short-term marketing-mix models can be combined with brand-equity models using brand-tracking data to measure 'brand ROI', in both the short- and long-term. Finally, the modeling process itself should not be more costly than the resulting gain in profitability; i.e. it should have a positive Return On Modeling Effort (ROME).
Marketing mix modeling The proliferation of marketing-mix modeling was also accelerated due to the focus from Sarbanes-Oxley Section 404 that required internal controls for financial reporting on significant expenses and outlays. Marketing for consumer goods can be in excess of a 10th of total revenues and until the advent of marketing-mix models, relied on qualitative or 'soft' approaches to evaluate this spend. Marketing-mix modeling presented a rigorous and consistent approach to evaluate marketing-mix investments as the CPG industry had already demonstrated. A study by American Marketing Association pointed out that top management was more likely to stress the importance of marketing accountability than middle management, suggesting a top-down push towards greater accountability.
Marketing mix modeling In relation to the bias against equity building activities, marketing budgets optimized using marketing-mix models may tend too much towards efficiency because marketing-mix models measure only the short-term effects of marketing. Longer term effects of marketing are reflected in its brand equity. The impact of marketing spend on [brand equity] is usually not captured by marketing-mix models. One reason is that the longer duration that marketing takes to impact brand perception extends beyond the simultaneous or, at best, weeks-ahead impact of marketing on sales that these models measure. The other reason is that temporary fluctuation in sales due to economic and social conditions do not necessarily mean that marketing has been ineffective in building brand equity. On the contrary, it is very possible that in the short term sales and market-share could deteriorate, but brand equity could actually be higher. This higher equity should in the long run help the brand recover sales and market-share.
Marketing mix A formal approach to this customer-focused marketing mix is known as "Four Cs" (commodity, cost, communication, channel) in the Seven Cs Compass Model. The four Cs model provides a demand/customer centric version alternative to the well-known four Ps supply side model (product, price, promotion, place) of marketing management.
Marketing Marketing communications is a "sub-mix" within the Promotion aspect of the marketing mix, as the exact nature of how to apply marketing communications depends on the nature of the product in question.
Marketing mix modeling Marketing-mix models use historical performance to evaluate marketing performance and so are not an effective tool to manage marketing investments for new products. This is because the relatively short history of new products make marketing-mix results unstable. Also relationship between marketing and sales may be radically different in the launch and stable periods. For example the initial performance of Coke Zero was really poor and showed low advertising elasticity. In spite of this Coke increased its media spend, with an improved strategy and radically improved its performance resulting in advertising effectiveness that is probably several times the effectiveness during the launch period. A typical marketing-mix model would have recommended cutting media spend and instead resorting to heavy price discounting.
Marketing mix modeling Marketing mix models were more popular initially in the CPG industry and quickly spread to Retail and Pharma industries because of the availability of Syndicated Data in these industries (primarily from Nielsen Company and IRI and to a lesser extent from NPD Group). Availability of Time-series data is crucial to robust modeling of marketing-mix effects and with the systematic management of customer data through CRM systems in other industries like Financial Services, Automotive and Hospitality industries helped its spread to these industries. In addition competitive and industry data availability through third-party sources like Forrester Research's Ultimate Consumer Panel (Financial Services), Polk Insights (Automotive) and Smith Travel Research (Hospitality), further enhanced the application of marketing-mix modeling to these industries. Application of marketing-mix modeling to these industries is still in a nascent stage and a lot of standardization needs to be brought about especially in these areas:
Marketing mix By the 1980s, a number of theorists were calling for an expanded and modified framework that would be more useful to service marketers. The prospect of expanding or modifying the marketing mix for services was a core discussion topic at the inaugural AMA Conference dedicated to Services Marketing in the early 1980s, and built on earlier theoretical works pointing to many important limitations of the 4 Ps concept. Taken collectively, the papers presented at that conference indicate that service marketers were thinking about a revision to the general marketing mix based on an understanding that services were fundamentally different to products, and therefore required different tools and strategies. In 1981, Booms and Bitner proposed a model of 7 Ps, comprising the original 4 Ps plus "process, people" and "physical evidence", as being more applicable for services marketing. Since then there have been a number of different proposals for a service marketing mix (with various numbers of Ps - 6 Ps, 7 Ps, 8 Ps, 9 Ps and occasionally more). Today, most texts are organised around a framework of "seven Ps" or "eight Ps." The 7 Ps comprises the original 4 Ps plus "process", "people", "physical environment". The "eight Ps" framework; comprises the 7 Ps plus "performance" which refers to the standards of service performance or service quality.
Marketing mix modeling E. Jerome McCarthy (McCarthy, J. 1960), was the first person to suggest the four P's of marketing – price, promotion, product and place (distribution) – which constitute the most common variables used in constructing a marketing mix. According to McCarthy the marketers essentially have these four variables which they can use while crafting a marketing strategy and writing a marketing plan. In the long term, all four of the mix variables can be changed, but in the short term it is difficult to modify the product or the distribution channel.
Marketing mix modeling Another set of marketing mix variables were developed by Albert Frey (Frey, A. 1961) who classified the marketing variables into two categories: the offering, and process variables. The "offering" consists of the product, service, packaging, brand, and price. The "process" or "method" variables included advertising, promotion, sales promotion, personal selling, publicity, distribution channels, marketing research, strategy formation, and new product development.