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marketing mix
a combination of factors that can be controlled by a company that can influence consumers in their target to purchase their products
5 P’s of Marketing
people, product, pricing, promotion, placement
people
who are you marketing to?
marketing mix depends on….
How well is the target defined? (demographics? geographics? psychographics?)
How well are decisions directed towards that market
product
a tangible or intangible service that is provided to meet a need in a give target market
price
the amount of money that the consumer must pay for the product or service; can also affect your target market and where your product will be offered
promotion
all communication and selling activities used to persuade consumers to purchase your product
placement or distribution
the place where the product can be purchased; includes the entire process of delivering the product to the place of purchase
purchasing
buying goods and services for a business operation
selling
providing customers with goods and services they want to buy
financing
getting the money needed to finance the operation of a business
risk management
preventing or reducing business loss
marketing research
gathering of business data to make smart business decisions
customers
buy a product
consumers
use the product
value
personal satisfaction gained from use of a good or service
Note
Flashcard