Making marketing decisions: using the marketing mix

Flashcards about Marketing Decisions

Product

The good or service provided by the business for its customers.

People

Anyone who represents the firm and comes into contact with its customers.

Price

The sum of money paid by the customer for the unit of product.

Process

The system involved in ensuring that an efficient service is provided to prospective and actual customers.

Physical Environment

The nature and appeal of the physical evidence the customer will observe during a transaction.

Promotion

In the context of marketing, this is the process of communicating with customers.

Place

The location in which the product is made and the means of distributing the product.

Marketing Mix

The Marketing Mix is a grouping of basics components that are used by businesses, in order for it to meet its customers needs and expectations.

Positioning

Market positioning refers to establishing the image or identity of a brand or product, so that consumers perceive it in a certain way.

Segmentation

Market segmentation is the method of separating a market of potential customers into groups, or segments, based on different characteristics.

Adding Value

Added Value is the amount added to the value of a product or service. This is equal to the variance between its cost and the amount received when it is sold.

Product Life Cycle

The Product Life Cycle (PLC) is the movement of an item through the four stages of its time on the market.

Market Research

Market research is the process of collecting research to determine the viability of a new service or product, often conducted directly with potential customers.

Target Market

A target market is a group of customers which a business aims its marketing efforts and resources towards.