7Ps of Marketing Mix is also called the extended Marketing Mix. It was first introduced by Bernard H. Booms and Mary J. Bitner in 1981.
Posts published in “MARKETING”
While 4Ps of Marketing Mix are about products in a business, 4Cs of Marketing focus on the role of customers in a business.
Good Marketing Mix is when the right product is sold at the right price with the right promotion in the right place. Here are 5 tips.
This article introduces 4Ps of Marketing Mix which are different inter-related parts making up the Marketing Mix, the four key decisions.
Sales forecasting predicts future level of sales in a business from past sales data. Business managers rely on this data to predict the future.
Simple linear regression is a method of sales forecasting focused on studying relationships between two quantitative variables.
These terms correlation, causation and coincidence while having similar pronunciation also have completely different meanings, cannot be used interchangeably.
For almost any international marketing research project, an analysis of available secondary information is a useful and inexpensive first step.
This article uses statistical techniques to conduct sales forecasting in a business. Sales forecasting predicts future level of sales from past sales data.
Change shows how the data changes over time. Changes of individual observations in a dataset is statistically measured by an index.
Deviation shows how the data deviates from the mean; the distance from the center point. Deviation measures the difference between an item and arithmetic mean.
Dispersion shows how widely the data are spread. Dispersion measures the spread of dataset and shows data distribution into different intervals.
Frequency shows how often the data occurred. Frequency measures the numbers of times that the event occurred in an experiment or a study.
Average shows the center point of the data. Averages show what is in the center area of a dataset; hence measure central tendency.
Statistical analysis can help business managers to make better decisions as the risks are reduced to make choices based on factual results.
A business conducting research will produce vast amounts of market research results: information in a descriptive form and data in a numerical form.