Marketing Mix
The 4 marketing mix elements
What are price, product, promotion, and place (distribution)?
Categorizing consumers according to similar characteristics, needs, and purchasing behavior.
What are market segments?
A clearly defined segment of the market to which a business wants to appeal.
What is target market?
A choice among alternatives
What is a decision?
Marketing used to be handled as a problem-solving tool but now is regarded as an opportunity creation tool.
What is from problems to ooportunites?
Making the product available when the customer needs or wants it
What is Place (distribution)?
Dividing a market into smaller categories such as; age, gender, ethnicity, income, marital status, etc.
What are Demographics?
A plan that identifies how a company expects to achieve its goals
What is a marketing strategy or strategy?
What is intense competition?
Marketing has changed from a single function of a business to one that is well combined with other business functions.
What is from independence to integration?
The element that communicates the monetary value of a product between producers and consumers
What is price?
A marketing strategy used to target products or services at people who live in, or shop at, a particular location.
What is geographic?
A customer that is informed and experienced in gathering information about products or services
What is an informed consumer?
The type of competition where businesses have the advantage of offering a product or service with little to no direct competition.
What is limited competition?
Marketing has expanded from the earliest uses of moving products from producer to consumer to promotion and sales techniques, to now product and market research.
What is from few to many?
The marketing mix element that usually receives the most attention from producers and manufacturers.
What is product?
A market segmentation technique where groups are formed according to traits that influence consumption habits drawn from people's lifestyles and preferences.
What are psychographics?
The use of marketing data to focus on the needs and wants of customers in order to develop marketing strategies that not only satisfy the needs of the customer but also accomplish the goals of the organization.
What is the marketing concept?
Businesses that face competition somewhere between intense competition and monopoly. They have many competitors but customers see some differences among the choices.
What is monopolistic competition?
Spending money on effective marketing to improve customer relationships usually results in increased profits.
What is from expense to investment?
The marketing mix element that does not create economic utility by itself
What is promotion?
A marketing method used to group customers by patterns, interactions with the brand, purchase history, or usage data.
What is behavioral?
Studying and prioritizing market segments to locate the best potential based on demand and competition
What is market opportunity analysis?
The 5 steps of the consumer decision making process.
What is (1) Recognize a Need, (2) Identify Alternatives, (3) Evaluate Choices, (4) Make a Decision, & (5) Assess Satisfaction?
Understanding the marketing concept, planning a marketing strategy, responding to competition, and integrating marketing into the business.
What is from product to market orientation?