Marketing Mix 1
What element of the marketing mix deals with advertising, sales, and public relations?
Promotion
Given an example of marketing an idea
This is the amount of money customers pay for a product or service.
price
Give an example of marketing an event
Super Bowl, music festival, farmers market, etc.
A business wants to build customer awareness of features and benefits in its products that are better than their competition. Which element of the marketing mix is most likely to help them achieve this?
Promotion
Many movie theatres charge a lower admission earlier in the day to encourage more people to come at that tome. What element of marketing is the focus of this strategy?
Price
In the marketing concept, the focus is on the ________
customer
What is the first P you identify when creating your marketing mix strategy?
Product
______ are tangible
______ are intangible
goods, services
The customers who are most likely to buy the business' products.
Target Market
What element of the marketing mix deals with packaging? (not shipping packaging)
Product
What are three examples of marketing "people"?
Celebrities, Politicians, Athletes
Determining whether or not to sell your product through a wholesaler or a retailer relates to which component of the marketing mix?
Place
Marketing is based on creating and maintaining _____________ between producers and consumers.
relationships
What is considered the "Fifth P" of the marketing mix?
People
What element of the marketing mix deals with transportation?
Place
To market a product successfully, a business must
understand what consumers want
identify 2 company objectives when setting a price for their product
Getting the product into more customers’ hands
Helping customers view them as distinct from competitors
Bringing in desired profits
Raising the perceived value of the product in customers’ eyes
Matching value with what customers expect to receive
Marketing Connects ________ to _________.
producers to consumers
The process of planning, pricing, promoting, selling, and distributing products to satisfy customer's wants and needs.
Marketing
The goal of a pricing strategy is to find the right balance between the customer's ______ __ _____ and meet the _______ _______.
perception of value, company's objectives
A business should work to satisfy customers _____ and ______ while generating a ____ for the business.
needs, wants, profit
Four forms of promotion we discussed in class
personal selling, advertising, public relations, and sales promotion
What does AMA stand for?
American Marketing Association
What 6 things can be marketed?
Products (Goods and Services), Places, Events, Ideas, People, Non-profit organizations/businesses