marketing mix

Marketing Mix

- A set of controllable and connected variables

that a company gather to satisfy a customer better than its

competitor. it is also known as the “PS” in marketing.

Product

- refers to any goods or services that are

produced to meet the consumers’ wants, tastes and

preferences.

Consumer Goods

: Smartphones, Clothing, Snacks,

Appliances

Industrial Goods:

Machinery, Raw Materials,

Components

Durable Goods

l: Furniture, Sports Equipment

Non-Durable Goods

: Groceries, Toiletries

Place

- Represents the location where the buyer and

seller exchange goods or services. It can include any physical store as well as virtual

stores or online shops on the Internet

Distribution Channel

another name for place

Price

- The value of money in exchange for a product

or service.

Cost-Plus Pricing

- This method involves

calculating the total cost of producing a product

(including materials, labor, and overhead) and

then adding a fixed percentage as profit.

Price Skimming

- Setting a high initial price for

a new or innovative product and gradually

lowering it over time. The goal is to maximize

profits from early adopters before attracting more

price-sensitive customers.

Competitive Pricing Setting

- prices based on

what competitors are charging for similar

products. Prices can be set lower, higher, or at the

same level as competitors.

Penetration Pricing

- Introducing a product at a

low price to quickly gain market share and attract

customers. Prices may increase once the product

gains traction.

Psychological pricing

- is a strategy that uses

human _____ to influence purchasing

decisions. It focuses on how prices are presented

to make them appear more attractive to

consumers

Promotion

- refers to the complete set of activities,

which communicate the product, brand or service to

the user. The idea is to attract people to buy your

product over others.

People

- the ultimate marketing strategy. They are the involved in the product or service, such as

marketing team, staff, audience, & advertisers

Process

- refers to the systems and procedures a

company uses to create, deliver, and manage customer

experiences.

Packaging

- is a silent hero in the marketing world.

it refers to the outside appearance of a

product and how it is presented to the customers.