Marketing mix helps you define the marketing elements for successfully positioning your market offer. This model is of help to you when you are planning a new venture or evaluating an existing offer, to optimize the impact on your target market.
The model is best known for its 4Ps of Marketing which are: Product (or Service), Place, Price, Promotion. However, a lot of hard work needs to go into finding out what customers want, and identifying where they do their shopping. Then you need to figure out how to produce the item at a price that is of value to them, and get it all to come together at the critical time.
BSSTATS group assists in building market mix models for organizations and in the whole process of bringing products or services to market.
Marketing mix services (statistical-help1) include addressing the following questions:
- What is the contribution of advertisement to the total revenue?
- What is the return on investment (ROI)?
- What is the optimum spending to get maximum profit?