What term refers to a framework used to help companies identify the different marketing tactics they can use to meet the needs and wants of their customers? (1 point) Responses situational analysis situational analysis marketing mix marketing mix product situation product situation influencer framework
The term that refers to a framework used to help companies identify the different marketing tactics they can use to meet the needs and wants of their customers is "marketing mix."
The term that refers to a framework used to help companies identify the different marketing tactics they can use to meet the needs and wants of their customers is the "marketing mix." (1 point)
The term that refers to a framework used to help companies identify the different marketing tactics they can use to meet the needs and wants of their customers is "marketing mix." To understand why this term is the correct answer, let's break it down.
The marketing mix is a strategic framework that consists of four main elements, also known as the Four Ps of marketing: product, price, place, and promotion.
1. Product: This element focuses on the development and design of the company's product or service. It involves decisions about the features, packaging, quality, and branding of the offering.
2. Price: This element involves determining the price of the product or service. It includes factors such as pricing strategies, perceived value, and price points that align with the target market.
3. Place: This element refers to the channels and distribution methods used to make the product or service available to customers. It entails decisions about the location, logistics, and distribution channels.
4. Promotion: This element encompasses the various methods and strategies used to communicate and promote the product or service to the target market. It includes advertising, public relations, sales promotions, and other promotional tactics.
By considering these four elements of the marketing mix, companies can identify and implement the most effective marketing tactics to satisfy the needs and wants of their customers.