Marketing

Marketing Mix

(VERY KEY AND STANDARD)

Four P’s of marketing

Product:

• Good, service, or idea

• Research concerning products

Price:

• Amount of money charged for a product

• Critical component

• Used as competitive tool

• Customers must perceive value

• Company must achieve volume and profit

Promotion:

• Use of communication to inform and influence consumers

• Should increase awareness about new product or brands

• Stimulate short term sales

Place:

• Location where food or services are offered

• Kiosks mobile carts popular

Social Media Marketing

It is a big part of how companies market currently

Can be really powerful

It can get a lot of exposure especially when other people are promoting the brand or talking about a negative experience

SWOT analysis

Strengths (internal)

Weaknesses (internal)

Opportunities (external)

• things we can leverage for good (how can we take advantage of our environment)

Threats (external)

Provides a situational evaluation that allows us to look internally and externally

Looking at the whole situation related to marketing (looking at the external factors)

After that we create a marketing plan to work on the weaknesses to improve, opportunities to take advantage of, threats to lessen, and strengths to be proud of (don’t try to do everything at once)

What is in a marketing plan

Types of plans

Control & evaluation

Integration of plans