Marketing Mix
Marketing Mix is also known as the
4 P's
the strategic process of establishing a brand, product, or service in the minds of consumers relative to competitors
Positioning
process of dividing a larger target market into smaller groups based on characteristics and common traits.
Market Segmentation
How many marketing functions are there
7
When something is not considered to be mainstream or very popular
Niche
This P is where a product or service is sold
Place
marketers use to distinguish their company’s products, services, or brand from the competition.
Differentiation
Focuses of things such as peoples age and background
Demographic
Function that deals with how you get the money to start or run your business
Financing
The amount of a good or service that suppliers are willing to produce and sell at various prices.
Supply and Demand
This P is how much an item cost
Price
a marketer’s plan for changing consumers’ perceptions of a brand in comparison to competing brands.
Repositioning
Focuses on where people are located
Geographic
Function that states how your consumers get your product
Distribution
The process of collecting data to improve a product or service
Market Research
This P is what is being sold
Product
Unique Selling Point
Focuses on peoples lifestyle and personality
Psychographics
Function that allows you to gather information doing research to improve your product
Marketing Information Management
People with defining characteristics that set them apart as a group.
Target Market
This P is how we let consumers know our product exist
Promotion
Creating a marketing campaign but instead of creating promotion you create a commotion. What would this be called
Positioning Error
Focuses on how often people may make a purchase and when
Behavioral
Function that involves interacting with the consumers to make them aware of the product
Selling
Where did the 2024 Olympic Games take place
Paris