Marketing mix

Marketing

process of satisfying a customers needs or wants while making a profit

Promotion

inform, persuade, or remind customers about a product

Pricing

how much to charge customers in order to maximum profits

Distribution

delivering products to buyers how a business gets it's product to their customers

Personal Selling

direct interaction between sales person and customer

Needs

Something a person has to have in order to survive

Product

A good, service, or an idea a company develops and sells to their customers

Marketing Mix

four marketing strategies: product, price, place, promotion

The 4P's

product place price promotion

Place

where to sell to customers

Price

how much to charge for a product

Market Segmentation

Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs

Geographics

Segmentation based on where a person lives

Psychographics

Segmentation based on customers attitudes, values, likes/dislikes

Demographics

Segmentation based on general characteristics (Gender, Age, Income level, education level)

Behavioral

Segmentation based on a customers buying behavior and benefits they are looking for in a product

Target Marketing

specific group to market to…, focusing all marketing decisions on a very specific group of people who you want to reach.

Consumer

Person who uses the product

Promotional Mix

personal selling, advertising, direct marketing, sales promotion, and public relations

Direct Marketing

address individuals through social media, mailers

Sales Promotion

coupons, money off promotions, product samples

Advertising

pay to promote product

Public Relations

help influence target market; make company look good,

Publicity

bring news to public's attention,could good or bad

Logo

A symbol that represents a company or orginization

Slogan

striking/memorable phrase used in ad

Brand Name

Name of the product

Trade Mark

brand name, brand mark, trade mark, trade character, or a combination of these elements that is registered with the federal gov't and has legal protection