the 4 P's
What are the 4 P's
Product
Pricing
Place
Promotion
What are the eight functions of marketing
Where is Marketing
Marketing is everywhere and in every industry
What is the marketing mix
What is Brand
A name, term, design, symbol, or other feature that identifies a specific seller’s good or service, and over time, becomes synonymous with its reputation
What does Place mean
Identifying, evaluating, negotiating, and selecting the most favorable channels of distribution in order to get products from the producer to the end user.
What is Market Planning
Creating strategies and establishing goals, objectives, processes, and procedures in order to reach and attract the target customer to a business.
What is a For-profit Business
A business that needs to generate a profit margin to sustain its business operations, fund its growth, and ultimately fulfill its mission and vision
What is Marketing Strategy
A company’s game plan for reaching its target market, converting it to customers, and meeting company goals.
What is Mass Production
Using technology and assembly lines to make large quantities of the same product.
What does Pricing mean
The amount of money a business thinks it should charge for its product or service.
What is Customer Service
The individualized attention is provided and available to customers throughout their lifespan.
What is a Nonprofit Organization
An organization that provides a social service, benefit, or cause that isn’t chartered to earn a profit for owners or shareholders and that receives federal tax-exempt status from the IRS.
What is a Marketing Plan
A specific written document that outlines objectives, actions, and timelines of how to attract target market customers to the business.
What is Production
The creation of usable goods.
What does product mean
Creating new products and updating existing products, both based on research and feedback from existing customers and competitors’ customers, and getting rid of poor-performing products.
What is Marketing-Information Management
Researching a business’s target market and customers, its competing products or services, and relevant trends within the industry.
What is the Retail Industry
Any “store” that sells goods or services to consumers who are the ultimate customers or end users.
What is Tactic
A specific procedure or action used to support a strategy, to achieve goals and objectives.
What is Advertising
A form of promotion that involves using different types of paid media to call attention to products, services, or ideas.
What does Promotion mean
Informing potential customers that a product or service exists, and the results they should expect from using it
What is Selling
Directly communicating with customers, listening to their needs and wants, giving them the information they need to make an informed buying decision, and persuading them on the merits of the product or service a business provides.
What is Sports Marketing
A type of marketing that focuses on the marketing and promotion of sports teams, events, individuals, and equipment, along with any products and services affiliated with these.
What is a Commodity
A good or material bought and sold freely, and that is reasonably interchangeable among multiple suppliers, and whose price is usually highly correlated to perceived supply; more simply, it is an everyday type of product that is readily available, like green beans or milk at a grocery store.
What is Distribution
To categorize, sort, and transport goods to all their final destinations as efficiently, inexpensively, and carefully as possible.