4 P's of Marketing (Marketing Mix)
An advertisement you view in a magazine is which P of the 4 P's?
Promotion
The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
Marketing
Outlines the organization’s game plan for success
Strategy
The term that provides a shared sense of purpose, direction, and opportunity.
Mission Statement
Focuses on the internal factors (strengths and weaknesses) and external factors (opportunities and threats) that give the firm certain advantages and disadvantages in satisfying the needs of its target market(s)
SWOT analysis
The features of an item would be a part of which P of the 4 P's?
Product
The location where buyers and sellers meet to conduct transactions
Marketplace
Analysis of the competitive environment that involves analyzing the capabilities, vulnerabilities, and intentions of competing businesses
Competitive intelligence
An action-oriented document or playbook that guides the firm’s marketing strategy. Think blueprint.
The Marketing Plan
A synopsis (summary) of the overall marketing plan, with an outline that conveys the main thrust of the marketing strategy and its execution
Executive summary
The amount of money a person has to exchange for an item is which P of the 4 P's?
Price
The process of obtaining something of value from someone by offering something in return
Exchange
A firm’s capabilities that allow it to serve customers’ needs better than the competition
Competitive advantage
A future-oriented statement that seeks to answer the question “What do we want to become?”
Vision (vision statement)
Specific marketing goals stated in quantitative terms to permit reasonably precise measurement
Marketing objectives
How much inventory a store carries is considered which P of the 4 P's?
Place
Electronic marketplaces unbound by time or space
Marketspace
One or more segments of individuals, businesses, or institutions toward which the firm’s marketing efforts will be directed
Target markets
Measures of performance to evaluate success
Key performance indicators (KPIs)
Broad, simple statements of what will be accomplished through the marketing strategy
Goals
What are the 4 P's of Marketing?
Product, Place, Price, and Promotion
The ability of a product to satisfy a customer’s desires
Utility
Establishing a mental image, or position, of the product offering relative to competing offerings in the minds of target buyers
Product positioning
The overall process of collecting and interpreting internal, competitive, and environmental information
Situation analysis
The overall process of collecting and interpreting internal, competitive, and environmental information
Situation analysis