marketing mix flash cards

Marketing

Process of Planning, pricing, promoting, selling, & distributing products for customer satisfaction

Merchandising

Required planning to have the right merchandise at the right time, in the right place, in the right quantities, at the right prices, with the right promotion.

Goods

Tangible items with monetary value

Intangible items with monetary value

Ideas

Concept, cause, issue, image, or philosophy marketed

Marketing concept

Businesses must meet customers needs & wants to profit

Profit

Money businesses make after costs & expenses are paid

Marketing mix

Action plan for marketing a product that consists of the decisions made about each of the 5 P’s for the product. Developed with a target market in mind.