Marketing Mix and Strategy Flashcards

Flashcards reviewing marketing mix and strategy based on lecture notes.

Marketing Mix Definition

The marketing mix brings a specific group of consumers a product with superior value.

Marketing Mix

Every target market requires a unique one of these to satisfy the needs of the target customers and meet the firm’s goals.

Product Strategy

Marketing strategy typically starts with this, which can include goods, services, or ideas.

Business Goods and Consumer Goods

These are divisions of goods that include commercial or industrial uses or consumer-based uses.

Service Divisions

Includes consumer services such as lawn care and hair styling, or professional services such as engineering, accounting, or consultancy.

Creating a Product Strategy

Involves choosing a brand name, packaging, colors, a warranty, accessories, and a service program.

Pricing Strategy

Is based on demand for the product and the cost of producing that product.

Place (Distribution) Strategy

The means by which a product flows from the producer to the consumer, including physical locations, inventory systems, transportation, and web presence.

Promotion Strategy

Covers personal selling, traditional advertising, public relations, sales promotion, social media, and e-commerce. Each element is coordinated with the others to create a promotional blend.

Public Relations

Elements include publicity, crisis management strategy, and in-house communications to employees, aimed at creating a good image of the company.

Sales promotion

Directly stimulates sales through trade shows, catalogs, contests, coupons, and special offers.

Not-for-Profit Marketing

In not-for-profit's its focus is often on generating enough funds to cover expenses or generating enough funds to expand their services to assist more people.

E-commerce

The use of the company website to support and expand the marketing strategies, potentially including online order capabilities and data collection.