Marketing Mix Key Terms - Lecture Notes

Vocabulary flashcards covering key concepts from the Marketing Mix lecture notes, including the Four P's, types of offerings, distribution, and promotional strategies.

Marketing Mix (Four P's)

The combination of Product, Price, Place, and Promotion used to market a product or service.

Product

What is being sold; includes tangible goods, services, experiences, events, people, ideas, and other offerings.

Price

What the customer is willing to give up to obtain the product; evaluated by benefits received vs. costs.

Place (Distribution)

Where and how customers access the product; distribution channels, locations, and convenience.

Promotion

Marketing communications used to persuade customers; includes advertising, PR, promotions, personal selling, and digital marketing.

Tangible items

Physical goods such as a phone, car, or refrigerator.

Services

Intangible offerings; part of a service-driven economy (medical, legal, personal services, etc.).

Real estate

Homes and commercial buildings as product offerings.

Entertainment

Media experiences like Disney Channel or Netflix.

Experiences

Value-providing activities such as trips or experiences.

Events

Occasions like concerts or shows that are offered as products.

People

Celebrity marketing and political persona marketing.

Causes/Ideas

Campaigns or movements such as recycling initiatives.

Promotional pricing tactics

Strategies to boost sales, e.g., buy-one-get-one-free, 25% off, rebates.

Recessionary pricing

Pricing strategies that emphasize value during economic downturns (value packs, etc.).

Distribution channels

Retailers, proprietary stores, online platforms, and other paths to sell products.

Self-service

Customers perform tasks themselves with technology or automation (examples: online banking, car washes).

Agents/intermediaries

Travel agents, insurance agents who sell services on commission.

Mobile services

On-site or mobile delivery of services; emphasizes convenience and may command higher prices.

Advertising (Paid Media)

Paid placement in media outlets (TV, radio, online) controlled by marketers.

Public Relations (PR)

Managing relationships with customers, stockholders, and the community; sponsorships and press releases.

Promotions (price-related)

Discounts, sales, and price-driven incentives to stimulate purchases.

Personal Selling

Sales force that customizes offers, builds relationships, and may provide service; important in B2B.

Digital Marketing

Online strategies such as email campaigns, banner/display ads, and social media.

Geography in service distribution

Considering where customers are located to determine convenient service locations.

Direct-to-consumer (D2C)

Manufacturer sells directly to customers through own stores or website.

Retailers

Third-party outlets (e.g., Macy’s, Walmart, Amazon) that carry products.