Marketing Mix Flashcards

Flashcards covering the key concepts of the marketing mix (4Ps): product, price, promotion, and place.

Marketing Mix

The four key decisions that must be taken in the effective marketing of a product

4Ps of Marketing

Product design and performance, price, promotion (including advertising), and place (where and how a product will be sold to consumers).

Product

A good or service that is produced to satisfy consumer needs and wants.

Price

The amount of money customers must pay to purchase a good or service.

Promotion

The use of marketing communication methods to inform, persuade, and remind potential and existing customers about a product or brand to increase sales and brand awareness.

Place

The methods and channels used to ensure that products are available to customers at the right location and time.

Tangible attributes of a product

Measurable features of a product that can be easily compared with other products.

Intangible attributes of a product

Subjective opinions of customers about a product that cannot be measured or compared easily.

Brand

The distinguishing name or symbol that is used to differentiate one manufacturer’s products from another.

Product positioning

The consumer perception of a product or service as compared to its competitors.

Price elasticity of demand (PED)

Measures the responsiveness of demand following a change in price.

Promotion mix

The combination of promotional techniques that a firm uses to sell a product.

Brand Awareness

The level of recognition and association by a potential customer towards your products and services.

Brand Image

Image or identity given to a product to give its own personality and differentiation from other brands.

Channels of distribution

The chain of intermediaries a product passes through from producer to final consumer.