University of the People Unit 1 Written Assignment BUS 2201 Principles of Marketing Topic: Comparing the Marketing Mix Model and the Value Marketing Model

University of the People Unit 1 Written Assignment BUS 2201 Principles of Marketing Topic: Comparing the Marketing Mix Model and the Value Marketing Model Marketing Mix: Effective marketing addresses a broad range of areas rather than focusing on a single message. Doing so helps reach a wider audience, and by keeping the 4Ps in mind, marketing professionals are better able to maintain focus on what really matters. Focusing on the marketing mix helps organizations make strategic decisions when launching new products or reviewing existing ones. The concept of the marketing mix was first developed in the 1950s. The marketing mix consists of four main factors: product, price, place, and promotion, plus three additional factors: people, process, and physical evidence. Each of these factors can play an important role in the success of any business. It is, therefore, a set of interconnected and integrated marketing activities (Alyan and Al-Samarrai, 2006).