Marketing Mix, Supply Chain, and Retailing Key Concepts for Business Students

Price

The only revenue-generating 'P' in the marketing mix.

Supply Chain

The entire network of organizations and activities that move a product from supplier to consumer.

Retailing

All the business activities that make it possible for you to buy things, whether in-store, online, or both.

Creative Director

Person in an ad agency responsible for overseeing all creative output.

4E Framework

A digital marketing framework emphasizing Excite, Educate, Experience, and Engage.

Company objectives, costs, customers, competition, and channel members.

5 C’s of Pricing

Direct Supply Chain

When a brand sells directly to consumers through its own channels (e.g., Warby Parker's website).

Omnichannel Retailing

A retail approach that blends online, mobile, and in-store experiences into one seamless system.

Promotion

The element of the marketing mix focused on communication strategies like advertising, PR, and personal selling.

Experimentation

In digital marketing, this practice is extremely important for testing and improving strategies.

Inelastic Demand

When a small price increase causes almost no change in demand.

Power in the Marketing Channel

When a large retailer like Walmart can dictate how products are packaged, priced, or delivered because suppliers depend on its business.

Intensive Distribution

A distribution strategy focusing on wide availability across many outlets (e.g., Coca-Cola in restaurants, gas stations, and stores).

Integrated Marketing Communications (IMC)

The coordination of all promotional tools to deliver a consistent brand message.

Experience (4E Framework)

The 'E' illustrated by a Snapchat demo letting customers virtually try on shoes.

Every Day Low Pricing (EDLP)

A pricing strategy of keeping prices consistently low instead of offering frequent sales or coupons (e.g., Walmart, Aldi).

Indirect Supply Chain

When a retailer purchases products from a distributor before selling to shoppers (e.g., Best Buy buying Samsung TVs).

Exclusive Distribution

A limited form of distribution used by luxury brands like Tesla or Rolex.

Advertising

A paid, mediated form of communication designed to persuade consumers to act, either now or in the future.

Personal Selling

A form of communication that is two-way, interpersonal, and focused on building relationships.

Break-Even Point

The point at which total revenue equals total cost.

Supply Chain Management

The function focused on delivering the right product to the right place, at the right time, in the right quantity, and at the right cost.

Three Types of Retailers

Food retailers, general merchandise retailers, and service retailers.

Big Idea

The overarching theme or concept that guides all creative executions in a campaign.

B2B Personal Selling

Selling products or services to businesses rather than consumers (e.g., Peloton selling to hotels and gyms).