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Lecture

Launching New Ventures: Guerilla Marketing & the Marketing Mix

Description

This lecture covers the marketing mix, including product, price, place, promotion, and people, as well as guerilla marketing strategies such as YOC Challenge, ModCloth's blogger engagement, Fuzz Wax Bar's experiential marketing, and Varusteleka's creative customer service approach.

Official source

Ontological neighbourhood

Business

Marketing: Product promotion

Related concepts (32)

Marketing

Marketing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services; potentially including selection of a target audience; selection of certain attributes or themes to emphasize in advertising; operation of advertising campaigns; attendance at trade shows and public events; design of products and packaging attractive to buyers; defining the terms of sale, such as price, discounts, warranty, and return policy; product placement in media or

Guerrilla marketing

Guerrilla marketing is an advertisement strategy in which a company uses surprise and/or unconventional interactions in order to promote a product or service. It is a type of publicity. The term was popularized by Jay Conrad Levinson's 1984 book Guerrilla Marketing. Guerrilla marketing uses multiple techniques and practices in order to establish direct contact with potential customers. One of the goals of this interaction is to cause an emotional reaction in the clients, and the ultimate goal of marketing is to induce people to remember products or brands in a different way than they might have been accustomed to.

Marketing mix

The term "marketing mix" is a foundation model for businesses, historically centered around product, price, place, and promotion (also known as the "4 Ps"). 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". Marketing theory emerged in the early twenty-first century. The contemporary marketing mix which has become the dominant framework for marketing management decisions was first published in 1984.

Marketing communications

Marketing Communications (MC, marcom(s), marcomm(s) or just simply communications) refers to the use of different marketing channels and tools in combination. Marketing communication channels focus on how businesses communicate a message to its desired market, or the market in general. It is also in charge of the internal communications of the organization. Marketing communication tools include advertising, personal selling, direct marketing, sponsorship, communication, public relations, social media, customer journey and promotion.

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. The techniques were developed by econometricians and were first applied to consumer packaged goods, since manufacturers of those goods had access to accurate data on sales and marketing support.

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