Marketing Mix
This is the term for any tangible item or intangible service offered to a market to satisfy a customer's want or need.
What is product?
Age, gender, education, and income are examples of this broad segmentation category.
What is demographic segmentation?
These two components of a SWOT analysis represent internal factors.
What are strengths and weaknesses?
The personal satisfaction or usefulness a person gets from consuming a good or service.
What is a utility?
Physically moving and storing products is part of this marketing function.
What is distribution?
This is the intermediary channel member (middleman) that buys products in bulk from manufacturers and resells them to retailers.
Who is a wholesaler?
Dividing a market into groups based on physical neighborhoods, cities, states, or regions is known as this.
What is geographic segmentation?
Any current risk, new entrant, or upcoming action by a rival that can damage a company's market share, sales, or profits.
What is a threat?
The amount of a good or service that consumers are willing and able to buy at various prices.
What is demand?
A store decides to phase out an underperforming clothing line and search for new items that appeal better to buyers.
What is product/service management?
This detailed written document outlines a firm’s current marketing situation, target market, competitive advantage, and action programs structured around the 4 P's.
What is a marketing plan?
Janice goes to Starbucks every day not just for coffee, but to read and study because it fits her outgoing, academic routine. What segmentation does this scenario fall under?
What is psychographic segmentation?
A key question asked when identifying negative internal traits.
What do we need to do to improve?
The value or satisfaction a consumer gains from owning a product and having the freedom to use it however they choose.
What is possession utility?
This function is performed on a continual basis through special research studies to help businesses make reliable decisions.
What is marketing imformation management?
This is the specific group of consumers or segment that a company aims to sell its products and services toward.
What is a target market?
Marketing based on what people look for in a product, why they buy it, and their usage rate is known as this.
What is behavorial segmentation?
The primary purpose of conducting a SWOT analysis.
What is helping a business understand its current situation to make better strategic decisions?
This type of marketing "utility" adds value to a product by providing buyers with instructions, user manuals, or informative websites to guide their purchase.
What is information utility?
Placing advertisements on park benches or bus stops is a grassroots example of this function in action.
What is promotion?
This broad marketing strategy ignores market segments and tries to appeal to the entire market with one single offer.
What is mass marketing?
Evaluating whether a segment has enough communication and transportation infrastructure to promote and distribute a product effectively measures this segment trait.
What is accessibility?
Distinctive competencies that directly support this core business roadmap.
What is an organizational mission or strategic plan?
While form utility focuses on the physical product, these three other economic utilities focus on having it when, where, and how the consumer wants it.
What is time, place, and possession utility?
Obtaining and managing the money needed for marketing activities and business operations.
What is financing?