Marketing Mix
What are the 4 components of the marketing mix?
Product, Price, Place, Promotion
What is a marketing strategy?
A game plan for reaching a target market, converting it to customers, and meeting company goals
Which P refers to the physical good or service sold?
Product
Which additional P refers to employees who deliver the brand promise?
People
A stated, observable, measurable end result to be achieved within a timeframe
What is a goal?
What is the purpose of a marketing mix?
To strengthen a product's brand and help sell the product/service
What does a marketing strategy help a company reach?
Its marketing goals
Which P refers to the amount of money charged?
Price
Which P refers to how a product is delivered?
Process
A specific result to be achieved within a timeframe and available resources
What is an objective?
Why must the 4Ps work together?
Each P is interconnected and must work together
When is a marketing strategy created?
After marketing research is completed
Which P involves the location and method of buying?
Place
Result of physical elements associated with a service.
What is physical evidence?
A specific procedure/action used to support strategy
What is a tactic?
Give an example of how changing one P could affect another P.
Example: Lowering price may require different promotion or change where/how the product is sold
What determines the most successful combination of the 4Ps?
The combination of the 4Ps
Which P involves advertising, selling, and communicating with customers?
Promotion
What does packaging do for a product?
attracts/allures customers and supports the product's presentation
The responsiveness of supply or demand to changes in price
What is elasticity?
What happens if one of the 4Ps is not successful?
The whole marketing mix does not work effectively
Why do marketing strategies need to be flexible?
Customers, buying patterns, competition, the economy, technology, and the business itself can change
Why must a company price a product higher than its total costs?
To earn a profit margin
What does “pairing” mean in marketing?
Bundling products together, such as pairing shampoo and conditioner
A readily available, interchangeable good/material bought and sold freely
What is a commodity?