Define "Marketing Mix" and why is it important to a strategist to understand?
-Marketing Mix: the set of tactical marketing tools (product, price, place, and promotion) that the firm blends to produce the response it wants in the target market
-important to understand because the marketing mix consists of everything the firm can do to engage consumers and deliver customer value
-constitutes the company's tactical tool kit for establishing strong positioning in target markets
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Principles of Marketing
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