What is Marketing
What is Marketing Mix
a strategy or set of actions a company uses to market its product or brand
What is product service management?
Obtaining, developing, maintaining, and improving a product or service.
What is a product?
something you're offering to the market
Tangible Items
anything you can physically touch
What is marketing information
dealing with research, gathering information about a product.
Can your product have multiple uses?
yes, they're known as multipurpose products or multifunctional products
What can be Marketed
goods & services
What is Pricing?
Establishing and communicating the value/cost
What are the four P's of marketing?
Product, Place, Pricing, Promotion
Why is marketing beneficial for consumers
consumers make it easy to compete with products
What is selling?
Determining customers wants and needs.
How can a company tell if a promotion is successful?
It will intend a message that's reached the desired audience and whether the audience has a positive response
The marketing process involves
planning promotion, selling & distribution
What is Promotion?
Communication to customers about the product.
How to determine the cost of a product?
How much it costs to buy the product, and knowing the newest trends