Marketing Mix - Glossary
This 'combination' commonly consists of the 4P's: Product, Price, Place, and Promotion.
This 'combination' commonly consists of the 4P's: Product, Price, Place, and Promotion.
This term describes a measure of how sensitive the demand or supply of a good is to changes in its price.
Elasticity
Defined as a stated, observable, and measurable end result to be achieved within a certain timeframe.
What is a GOAL
This is an everyday type of product that is readily available and reasonably interchangeable among multiple suppliers, such as milk or green beans.
Commodity
More specific than a goal, this is a result to be achieved within a timeframe using available resources.
What is an Objective
This refers to the specific procedure or action used to support a strategy in order to achieve objectives.
What is a Tactic
This 4P component refers to where customers can buy a product and how the company gets it there.
Place
This is a specific written document that outlines objectives, actions, and timelines for attracting customers.
Marketing Plan
This is a company’s high-level 'game plan' for reaching its target market and meeting its goals.
Marketing Strategy