Final- Chapter 13

4 P’s of marketing

product, price, place, promotion

product

any physical good or service that is being sold

price

how much a product or service costs

place

where a product will be sold

promotion

how a product will be advertised

environmental scanning

a broad process of gathering, analyzing, and interpreting information about the internal and external environment

primary data

data you gather yourself (surveys and experiments)

secondary data

data you gather from other sources (books or articles)

marketing research process

the analysis of markets to determine the opportunities and challenges and to find the information needed to make good decisions

B2B

a transaction between one business and another, such as a wholesaler and retailer

B2C

companies sell products or services directly to individual consumers, such as online retailers like amazon, or brick and mortar stores like restaurants

market segmentation

the process of dividing the total market into groups who have similar characteristics

relationship marketing

strategy focused on building long-term loyalty and retention with customers

study of consumer behavior

study of factors that influence consumer purchasing decisions